$TRIN closed at 1.16 today so we have one instance of Stealth Distribution in place. Will there be one or two or more instances of this like we had at the end of June and the 1st two days of July? Will be interesting to see.
Still hanging on to TQQQ but have not aded and probably won’t. 60min chart is now showing overboughtness but it looks like IBM’s and QCOM’s earnings could influence market direction tomorrow, or famous last words. Still trying to hold on to this position until AAPL reports, which happens next Tuesday, the 24th. Never sure, though. Could take profits at any time.
60min chart showing that today the RSI pushed above 70. Normally this would show overbought and indicate that it’s time to take some money off the table pending an expected pull back.
Today $SPX closed within two points of its July 3rd, closing high. I’ve been thinking that we would put a double top in here in this area, but there seems to be enough momo to take the markets higher, though I certainly don’t know how much higher. I will let the charts lead the way on this.
There are a couple of signs of negative divergence in breadth indicators, specifically $NYHGH & $NYHILO. By themselves, they are not enough to turn the market, but they could exert influence on other breadth indicators if they don’t get back in sync with other indicators so these need to be watched for the next couple of days.