Indicators We Are Watching – Low Volume Rally is Suspect

The low volume rally for major indicies does not provide a clear direction as there is limited conviction by the bulls. Even so, several indicators turned higher as the recent correction allowed a lift from an oversold condition.

Oil is hitting hard resistance and the U.S. dollar finally broke above key resistance. This week will probably show us if the downtrend for equities is broken or if last week was simply a relief short-term relief rally.


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(Click on each chart to enlarge)