Not much change in the technical situation for the
past week or so. The market remains in an up mode, but
has taken to grinding slowly higher. The favorite internals
are pointing up, although momentum measures are flattening
out. The link ahead to the SP500 chart shows RSI (overbought)
and MACD. Click here.
The MACD (12/26/9 --weeks) is a longer measure than I usually
use. It is deteriorating along with momentum, but what is
also interesting is how extended it is. That attests to the
power of the rally overall for the past seven months, but it
also serves to put one on notice how carefully one needs to
proceed near term.
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