The RSI was telegraphing today’s move lower all day. Notice how the trendline that had developed over the last 4 days was never broken to the upside. When the market rallied off it’s lows today the RSI didn’t follow, which is a very clear sign that the market’s strength was only an illusion. I can’t really see anything bullish from this chart and suspect the market will retest it’s lows over the next few days. Hope everyone had a great holiday weekend.
Update
Oil is telling us that the global markets are all going down. This was the worst performing sector in my database and this is one brutal looking chart.
