Weekly Timer Chart
We need to see DJ $TRAN (Dow Jones Transportation Index) make new highs soon, otherwise, this divergence will become a bad omen.
By the way, to go higher, we need the bears establish new short positions and then capitulate..... that is how markets make new highs !!
also lack of rise by the CI Diff for DJ $TRAN is of concern to this PDI, such as UPS
But all the talking heads missed the biggest news out there.... just look at DJ $UTIL (Dow Jones Utilities) graph
our coveted SP1-momo Chart: we are on BUY - BUY but momo is about to hook down. so a pause is in the works.
Worth watching is 52wk highs for $SPX ..... it stood at 91 on Friday, 132 on Thursday !!
5-Day TRIN Chart
5-day TRIN for NAZZ setting up for a SELL (NAZZ $COMP is nearing +3 sigma; that's a big warning for longs to step back for the coming pause)
VIX Volatility Index
Hamzei Analytics MAC+ Indicator
5-min (right hand graph) and 1-min(not shown) MAC+ were outstanging this week except on Thursday for a brief moment
Normally MAC+ leads $ES_F by 15 to 30 seconds -- on Thursday, for the first time in history of MACs, we saw it lag up to several minutes
It is too early to tell what is the correct explanation - we are studying it but for what it's worth my opinion is we've no analog to Uncle Ben's comments
WEEKLY Support, Pivot & Resistance Levels
Worth noting: the WEEKLY SPR Levels are posted every Monday within the first hour of RTH on our Blog http://www.HamzeiAnalytics.NET
% of S&P500 Components above 200-day MA Chart
At 91.6% - notice it is NOT at May 21st high even though SPX is higher