IWM (representing Rus'2000 small cap)
Dow
Transports
Summary
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