A little disconnection in the indexes today. The COMPX, Russell 2000, and the transports noticeably lagged the SPX and the Dow today. Here is the daily SPX chart.
The moon shot continued today. Volume was pretty heavy also. Lets look at some internals.
The number of stocks above their 10, 20 and 50 SMAs all continued to drop today. It looks like some profit taking has entered the market. How about a peek at the new highs chart.
Today had the lowest number of new highs since 1/16.
Despite SPX being up over .5% today there were only 56% of NYSE stocks positive. The MClellan oscillator was 57. With SPX at new bull market highs these are low numbers. The internals are weakening now as price moves higher. How much longer can it keep going?
Bob
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