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Breadth models still good, however setting up for a possible failure swing
on potential 3rd pivot high. Breakdown on A/D volume by 20 sectors, 198
groups, and all securities shows that Accumulation volumes continue to improve.
Best guess is that we should see a bit more upside yet.
Earl
----- Original Message -----
Sent: Thursday, May 26, 2005 9:19
PM
Subject: [RT] Spx Daily
Interesting setup on daily. Note the two horizontal red lines which mark
the pivot points for Thrust Reversals. Note that the confluence of the 162%
expansion and the 86% retracement at the same price levels. Price has clearly
broken through and retested the dark gray LT trendline suggesting
price will move higher. The expected correction has yet to materialize and
breadth models have yet to budge from overbought levels even as price is
dealing with resistance. There is a reversal in here somewhere but the
question is where.
Earl
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