Several indicators point toward continued weakness or continued sideways price action in equities. Breadth has continued to deteriorate and is not yet oversold (although the McClellan Oscilator is getting close), VIX wants to form a firm bottom near 30, and our simple Dow Theory non-confirmation continues (see our Market Tour on Stockcharts.com). Financial stocks have continued to underperform the averages, and Nasdaq has also begun to underperform as defensives (healthcare, staples) outperform. There are simply more negatives than positives at this time.
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Chart Pattern Indicator: What's the Reading?
3 weeks ago
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