Tuesday, 26 April 2016

1pm update - the two leaders

Whilst the headline indexes - sp/dow/nasdaq remain in micro chop mode, there is notable strength in the two leaders - Trans/R2K, both currently higher by around 1.0%. R2K has made a new cycle high of 1149, whilst price structure for the tranny is a clear bull flag.

R2K, daily

Trans, daily


Were it not for AAPL earnings or the next pair of oil inventory reports, I could understand if any normal person switches off their screen until 2pm tomorrow.

As for the two leaders - in terms of near term/post FOMC downside potential, it is a concern.

notable strength, miners, GDX, daily

A clear spike off rising trend/support. Its still pretty bullish. By default, bullish metals/miners are arguably still an indirect bearish equity signal, as has been the case since last December.

time for some sun amongst the showers.... back at 2'