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:
The Russell 2000:
The S&P 500:
And the oil & gas sector:
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.
