Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
We have an interesting set of divergences in the major indexes – the S&P 500 is starting to pose some issues as it fell back below the early August highs and this morning is breaking below the 38.2% retrace level of the September rally that it held yesterday. We also have what, if nothing changes later today, is a bearish MACD crossover.
Meanwhile the NASDAQ and Russell 2000 are holding up much better – range bound the past week and a half.
The DJIA on the other hand is a big mess.
Usually you don’t such divergent conditions on the 4 indexes.
Disclosure Notice
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/index.php/the-fund/holdings
