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Indicator Update for June 16th

Posted on June 16, 2009

Last week's indicator review concluded that Friday's price highs in the major indexes were not confirmed by fresh highs in the 65-day high/low measure, an indication that the rally may be in for a period of consolidation. As long as we stay above the May highs in the S&P 500 Index, however, one has to respect the sustained buying displayed by this market. During the subsequent week, we did indeed see range trade and consolidation, followed by Monday's weakness. That weakness took us below May's highs, raising the possibility that much of the June strength was a head to May's shoulder.Even ...

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bull market , highs , lows , momentum , new lows , sp , trading