While the SP hit a fresh high today and
comes within 6 points of its all time high set in 2007, the Russell
continues to lag and has gone 11 sessions without making a new high.
In addition, after yesterdays 1%+ drop on the index there was follow
through to the downside. Over the duration of the move off of the
November lows both of these indexes have moved lock-step overall and
have tended to dip below the 10MA during the same minor pullbacks
until this week.
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| Russell |
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| SP |
Also of note today two ETFs of printed
their highest volume over a years time, FAZ and TZA. I take this
with a pinch of caution because both had reverse splits so this may
have had some influence upon the days trading. The simplest
confirmation of today's volume being significant from my perspective
would be rising prices.
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| FAZ YHV |
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| TZA |
Looking at the SPY, the pattern over
the past three years has been fairly consistent with a market
correction in Q2 and usually starting around April. It remains to be
seen if this pattern repeats but it's worth keeping in mind.
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| SPY |
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