Still range bounded so still no direction. However with 3 failed breakouts and lots of negative divergences, the chart below looks bearish to me. Plus there are 2 cycle turn date due tomorrow which right now looks a lot like a cycle top unless the market gaps down much much lower tomorrow morning. I’ll talk about these 2 cycles and an interesting speculation chart in tonight’s report.
One trick today, when ISEE Indices & ETFs Only Index > 100, 19 out of 25 (76%) times a red day the next day (most likely, see red arrows) or the next next day (blue arrows). In fact the last time the ISEE Indices & ETFs Only Index was above 130, like today, was May 7, 2009.
