“Patterns repeat, because human nature hasn’t changed for thousand of years.” Jesse Livermore "Be like water." Bruce Lee. Tweets are not investment advice
@davidsettle no new highs in months, longer term trend seems to be a drop-off in participation, wouldn't that be associated with distribution rather than accumulation...accompanied by the declining volume...
I would like to see both $SPY and $RSP surpass their respective October highs, as both have seen a series of lower highs and lower lows since July, illustrating weakness in both the index and its underlying components.
$SPY found support at its Covid uptrend reclaiming its 200ma and 50ma, and is currently consolidating below its October high, DMI- remains high, and DMI+ does not reflect $SPY has begun a strong trend as of yet.
$SPY testing the underside of its Oct 22 uptrend while $IEI: $HYG is testing its August breakout, a break above for $SPY and below for $IEI: $HYG would be bullish for this recent oversold bounce.