Another week of rallying on Wall Street. Definite move higher? Maybe not. Let's take a look at some major indexes and see how bullish things really look.
ES Daily: While it is true the ES moved higher, we went right to the 1.272 fib projection (to the tick) on Friday. Also, the 3/10 Oscillator is showing divergence with this new high as well as a move below the zero line and a possible retest of the zero from the bottom. (The YM made a very similar movement)
NQ Daily and $TRAN Daily: Some consider the NASDAQ as the leader of the market. Others consider the Transports ($TRAN) the leader. In both cases, they failed to make a new high and instead made a double/triple top (depending how you look at it). Both with similar 3/10 Oscillator divergence.
$BANK Daily: Another possible leader of the market is the NASDAQ Banking index ($BANK). In its case, it didn't make a new high at all and instead made a lower high.
More to come...
Market Update