As the NYSE was making a new high at 8718, only 361 stocks were making new highs (line b) as they were diverging sharply, line b.
Chart Analysis : The iShares MSCI Brazil Index Fund ( EWZ) dropped below trend line support, line b, on Thursday, although it did rebound on Friday.
The daily chart of the 10 Year T-Note Yield shows that yields broke through the trend line resistance (line b) and the 2.00% level on Wednesday.
The weekly chart of AMZN shows that this decline also tested trend line support (line b) and prices were also close to the weekly Starc- band.
For more than a year, the OBV had been locked in a trading range that was resolved in May 1935 (line 1) when resistance at line b was overcome.
The RS line has now reached its uptrend (line b), and is well below its WMA. The daily RS analysis can turn around in just a few weeks.
The RS line shows a long-term uptrend, line b, which is a positive sign.
There is key resistance at line c and then at the downtrend, line b.
The daily OBV gave a buy signal on August 20 (line 1) when it overcame resistance (line b).
The daily relative performance line did diverge at the September highs (line b), and is still well below its downtrend.
The daily relative performance appears to have formed a bottom (line c) and a move through resistance at line b, will confirm it.
The RS line did confirm the highs made in early 2012, line b.
The relative performance, or RS analysis, has formed lower highs over the past four months (line a) and has been testing its uptrend, line b, since May.
On the daily chart, we can see that the Dow Industrials did make higher highs in July, line a, while the Transports made lower highs, line b.
The RS tested its declining weighted moving average (WMA) last March and then broke support (line b) in early April, line 1.
By December 12, the SPY had surpassed the early November highs and on December 18, (line 1) the OBV moved above the October highs, line b, as it was acting stronger than prices.
In 2012, the Nikkei has formed a series of higher lows (line c), with next resistance at 9, 300 (line b).
In early 1978, the Industrials made lower lows, line a, while the Transports did not make new lows, line b.
The spread formed a spike low in September as stocks were topping out (line 3) and shows a solid uptrend from these lows, line b.
The support from the early 2011 highs is at 1373, line a, while it would take a close below 1266 (line b) to confirm a weekly downtrend.
The on-balance volume (OBV) broke through seven month resistance, line c, in January and has just overcome the resistance (line b) that goes back to March 2012.
The daily chart shows a strong rally from the July lows, line c, and the break through resistance at the September highs (line b).
The next day (line 3) BMRN was down again and the RSI3 dropped below its uptrend, line c, and its WMA. The RSI3 formed lower highs, line b, which was a negative divergence.
It shows an uptrend from the 2009 lows (line b), and then a breakout above resistance (line a).
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The uptrend in the relative performance, line b, was broken on January 11 and support (line c) was broken six days later.
The monthly relative performance analysis of KMP shows that it has formed higher highs and higher lows (line b) since it completed a bottom formation in 2008 (line a).
The OBV broke its uptrend, line b, in June and dropped below its WMA in July 2011 (line 2).
The same-store sales reported last week showed strong January numbers, and the longer-term chart shows a solid uptrend (line b) and the breakout in 2011 above the 2007-2008 highs (line a).
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The short-term support (line b) was finally broken, as the Nikkei declined to test the 38.2% support (line 4).
The uptrend in the weekly OBV, line b, was broken in December as the volume spiked.
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