Projections from market internals
All market internal indicators are sending out the same bearish message, especially market breadth. It has been dropping steadily for 7 sessions in a row, and is now in short-term bearish territory.
IWM has been down since Nov 5. EEM has been down since Nov 7. JNK has been down since Oct 25. (These ETFs usually lead the price actions for $SPX $NDX SPY QQQ TQQQ.)
So clearly, under the hood, there is a short-term bearish bias. Nevertheless $SPX $NDX SPY QQQ TQQQ are still sitting at the top, and can still drift higher. Or they may go sideway for a while, and then surge up. While they continue to do this, and until market internals reverse from their bearish messages, we have a bearish divergence, which is not good for stocks as time progresses.
The rest of this article covers:
Projections from market internals (more)
Table of support and resistance levels
Planning your trades
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