Chopping our way higher
The NYA seems to work its way higher in a nice impulse wave that does not seem to be over. At least two more down-up sequences before we get somekind of top. Actually current advance could even subdivide even more driving the bears totally insane. Markets are patterned but labels come after....
Nevertheless, long term we are not in a topping mode as the McClellan summation index is not diverging yet and most tops do come with a divergence in that index. I think only one major decline unfolded without a divergence. If I recall correctly that was in the late 70's.
So long term bull but short term we are getting toppy. Just look at the number of stocks above their 150MA. We have been making lower highs since earlier this year and even that high was lower than last year high.
Nevertheless, long term we are not in a topping mode as the McClellan summation index is not diverging yet and most tops do come with a divergence in that index. I think only one major decline unfolded without a divergence. If I recall correctly that was in the late 70's.
So long term bull but short term we are getting toppy. Just look at the number of stocks above their 150MA. We have been making lower highs since earlier this year and even that high was lower than last year high.
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