The OVI still can’t get into positive territory on the S&P or the Dow. Both indices are in rising channels, suggesting lower prices to come – this is of course in line with what the OVI has been saying for a long time now.
The Nasdaq also pulled back yesterday and its OVI has come back to neutral as well.
AMZN and AAPL are forming the beginning stages of consolidations and potential flags, and profits should have been taken on them already.
Overall it’s looking shakey out there folks! The SPY chart pretty much says it all, and you should be hunting for nice bear flags and breaks of support very soon.
SPY
PTC members, go through the OVI Liquid Stocks charts (10-minute formula) and you’ll see how things are shaping up (or down!). Recently I questioned GS … look at GS now it’s broken through support:
GS
More to follow soon.
All the best
Guy