The ten day high minus low indicator is confirming what I am seeing on the other two charts, that weakness is upon on us. The one day OPEX weakness is now confirmed with this second and even weaker day. Although we closed green on the all the majors except the Russell 2000 today there was no breadth to back it up.
The NYSE has shown the most weakness now putting in two days in a row of negative high-low numbers and the lowest since the January/February pullback. Any price strength from here would be without breadth for structure and that is dangerous and unsustainable. The score of this chart (-6) when ddded together with the other 3 charts puts a perfect –18 bearish day. The bulls most likely won’t go easy and snap back rallies like today are always a possibility.
