Is this the beginning of another move lower?

June 22, 2006 · Print This Article

Many of you have posed this question over the past few days. Obviously, I have no definitive answers, but I can tell you that the major indices did not act kindly to the move higher. Each rally attempt has been stifled one to two days later. This type of action normally does not bode well for the bulls over the short term. In addition, there are several technical indicators that are fairly close to reaching an extreme status. The next week should be interesting to say the least.

RSI Wilder (5) for June 22, 2006