NFTRH87 talked about the Dow's as yet un-triggered MACD lines. A
subsequent email update noted the same in the HUI (along with
characteristics that positively distinguish that index). But here is
the Cube, attempting to join other leading markets (remember, they tend
to lead to the downside as well) like the China FXI in MACD trigger up
status.
Now of course, this was all in the script. Risk is high
for bears in the short term. Intermediate term? Not so much I think.
It is time to begin thinking about the nature of this top… will a
right side shoulder form here for a nice bearish summer?
First we
have to determine whether or not the MACD signal is going to become
actualized in the form of RSI breaking above resistance, while the noted
price trend line is taken out. A nice, neat 62% mini-crash retrace to
the noted resistance zone would be nice.
The caveat for the bulls
is that volume thus far stinks on this little hope expression and trend
has not been broken. The onus is on dem bullz to prove they can even
get a decent rebound going. But they 've got to start somewhere and we
are one by one, starting to get some MACD signals. The nature of the
bulls' progress (and the dumb money's sentiment) will go a long way
toward determining when/if NFTRH re-establishes short positions. Right
now, it looks like just a matter of time.
