True Weakness

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By using the True Strength Index against some major equity indexes, we can see the breakdown starting to show. Here is the Dow Jones Composite:

slopechart COMP

The Russell 2000:

slopechart RUT

The S&P 500:

slopechart SPX

And the oil & gas sector:

slopechart XOI

Thursday largely undid the drop from Wednesday. We’re going to need some weakness on Friday to give any meaningful change in trend a chance. The GME freak show will probably be a contributing member to that effort.