So is this it? Or is it now?
"So is this it? Or is it for now?"
The NYSI gave a sell today but there is no high below a high in the NYMO, and the NYMO is down five days in a row, putting it in pretty deeply oversold territory. In addition, on the three 3xlong ETFs I follow closely -- TNA, TQQQ, and UPRO -- none have broken any trend lines nor triggered any MACD cross overs a la Jack Chan. And everything seemed to firm up a bit at the close today.
So, FWIW, I think it's it for now, and we're going to bounce...
Ideally, the NYMO will put in a high below a high on the bounce and if it happens to be below the zero line (which happens fairly often with the indexes close to their highs) that will be a gift to the bears. That gift could last three to five weeks (likely). If the bears can tear apart the entire rally so far this year then this is still a bear market (very unlikely) and there's going to be a lot of jaw-dropping by the bulls.
After this pause, I think we're going higher but if the bulls can turn a bounce into another big run to the upside right now (not out of the question), jaws will be dropping elsewhere as well as I suspect, at this point, a lot of bear-skin wallets.
Good luck and good trading.
P.S. Thanks, RD, for the nice nod.