| The DOW trannies are laying out a distributive top that double double tops the cycle and decade. I rate this as extremely bearish. It is possible for it to negate the structure but it has to negate it by advancing slowly through 5400 and then 5700. Meanwhile, what is it doing? On rallies it moves up unconvincingly to put in declining tops, in Feb, Mar, and maybe now. Given the ease of rise and the fact that the previous five days sell-off literally ripped away much of what was gained over the last 3 months, I'd say you have a situation of no conviction based on growing invisibility of earnings. |
