Today 1/13/17 the Nasdaq Composite again made a all-time high unconfirmed by the SPX and DJIA.
This is a sign of weakness because less stocks are participating in the rally.
The SPX may have completed a Elliott Wave Running Flat. See "Elliott Wave Principle" pages 46-47.
This is a very bearish pattern and fits well with less and less stocks failing to rally.
The bearish crossover on the 15 minute MACD indicates Tuesday 1/17/17 could be down.
The alternate count to the illustrated pattern would be a Double Zigzag down from the all-time high followed by wave "1" up.
This is a sign of weakness because less stocks are participating in the rally.
The SPX may have completed a Elliott Wave Running Flat. See "Elliott Wave Principle" pages 46-47.
This is a very bearish pattern and fits well with less and less stocks failing to rally.
The bearish crossover on the 15 minute MACD indicates Tuesday 1/17/17 could be down.
The alternate count to the illustrated pattern would be a Double Zigzag down from the all-time high followed by wave "1" up.