EOD: Not much to report except the weekly breadth closed at a very slight negative print on the red signal line. All parameters in MACD printed negative values.. No signals of any importance apart from that. A lot further breadth decline needed before a terminal top can be anticipated. Could keep everyone guessing which is why it's important to wait for definitive turn signals. Most action behind the scenes was back and forth in volatility derivatives. VXX was oversold yesterday and corrected today. Back the other way on Monday?
Original post:
Looking at the breadth moves for yesterday- VXX oversold 61% at -2.8% [vxx decline / histo rise] [typical is -1.7% +/-] so this was excessive beyond 'normal'. Chart shows NYAD daily MACD HISTOGRAM at bottom with VXX decline vs. breadth acceleration up at critical junctures. Pairing this set up with the ES 4417 proposed key level projection looks to support the importance of this price zone in the market. Some action was expected soon per the previous posts. Still no terminal top but could get interesting moving forward. Overnight movement in ES looks like a reaction to this condition. If a pullback continues through Friday's close and it also adds to the weekly breadth declining numbers- that will be an important parameter in the overall market breadth pattern regarding a pending top at a medium/large degree.
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