NYSE MCO perfect snapback to the zero line. Daily CCI at zero - That implies perfect breadth momentum and price momentum equilibrium. No wonder we have all that tension on the tape.
Weekly CCI deep in the hole. NYSE 5% and 10% components deep in the hole. NYSE summation still down - That implies IT trend is still down.
What would get me bullish here ? Simple - Give me another day of breadth thrust to push the NYSE MCO 5% and 10% above the zero line. Turn the summation up. Push the weekly CCI above -100. That would turn the IT trend up. If and when that happens, then every pullback is a buying opportunity. If and when that happens, there will be plenty of opportunities for those looking to play the long side. Cuz that would be a multi-month rally and not a 2 or 3 day wonder.
Until then, the danger of a price climax lurks in the background.
Edited by NAV, 08 August 2007 - 10:50 PM.