IWM
SP'daily
Trans
Summary
What can we make of today?
The Dow unquestionably broke to a new high, whereas the SP' merely put in a fractionally higher high..which in itself is arguably a double top formation.
Meanwhile, the two main powerful bullish leaders from winter 2012 - Transports and Rus'2000 are still well below their highs.
I have to place more respect in those indexes that lead the way higher, than the more media/mainstream indexes of the Dow, SP, and even the Nasdaq - although the latter is ironically the biggest laggard of all.
Underlying MACD (blue bar histogram) ticked higher again - to be expected, but is still in negative territory. Bulls need to keep pushing here, or the snap lower could be fierce.
As I noted last evening, if what we are seeing is a mini-H/S formation, then it is suggesting we'll be trading in the sp'1505/00 zone within the very near term..and other daily charts support the idea of sp'1480/70s within a few weeks.
a little more later