While today felt strong as there were some nice gainers across the board, the close felt very forced and tired. Lacking new leaders and hardly any stocks hitting new highs I smell exhaustion. It seems that many smaller priced speculative stocks (FEED, APWR) are making parabolic moves and that can often be a sign of a market getting ahead of itself. I’m not saying we’re going to hit new lows right now, I just feel that a more extended move lower is needed and I’m sticking by my recent call that this market is weakening, not strengthening.
Divergences continue to widen on this chart. What appears to be a strong day on the surface has the TRIX moving still lower.
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