Very minor moves in the main indexes. Both the transports and Rus'2000 index again showed slight weakness again.
IWM (representing Rus'2000 small cap)
Very minor moves today, essentially low volume algo-bot chop.
There are wedges within wedges, so I can understand that some are getting very bearish into the tail end of this week, but there just doesn't seem to be any underlying sellside action/momentum. We couldn't hold a 5pt drop at the open for more than an hour.
From a MACD (blue bar histogram) cycle perspective, there is NO sign of a turn, or even levelling out yet. At the current rate, there is no chance of a clear rollover in progress until next week.
As I keep noting..the bears need a catalyst to get any major down cycle underway. So far as I can see, there is nothing apparent in the view field. Where do those black swans live anyway?
Goodnight from London