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](https://slopeofhope.com/wp-content/uploads/2021/01/slopechart_COMP-2-640x335.jpg)
The Russell 2000:
![slopechart RUT](https://slopeofhope.com/wp-content/uploads/2021/01/slopechart_RUT-1-640x334.jpg)
The S&P 500:
![slopechart SPX](https://slopeofhope.com/wp-content/uploads/2021/01/slopechart_SPX-640x303.jpg)
And the oil & gas sector:
![slopechart XOI](https://slopeofhope.com/wp-content/uploads/2021/01/slopechart_XOI-2-640x303.jpg)
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.