Here’s my S&P Chart…comments are dated at least a few days when I suggested the top was near when the ADX was at 35.
ON this chart, note that RSI(2) on the top graph began its rebound from under 5, just as I suggested several days ago. Sure enough, we saw an up day today…the RSI(2) is suggesting we could have a little more rally tomorrow? It’s only suggestive, of course, as anything is possible.
…but also notice the RSI(14) has found its bounce right off the 50 line, and with a falling ADX, that line is in control at the moment, and it too suggests a little more rally tomorrow…and perhaps even into Friday?
Just as with my Dow chart, the PVO graph is not dropping much…it suggests more trouble ahead if it doesn’t settle down soon.