The key support going back to late 2012, line c, has now been broken.
The relative performance has moved above its WMA and is testing its downtrend, line c.
The weekly relative performance bottomed out in February as the downtrend, line c, was broken.
The RS line has confirmed the recent highs, with long-term support at line c.
The positive divergence was followed four weeks later by a new buy signal, line c.
On July 29 (point 1), the Transports closed below the June lows, line c.
From the May-June highs, you were able to identify a good level of resistance, line c.
This combined with the lower highs on the monthly chart, line c, makes more selling likely.
The weekly relative performance also broke its long-term downtrend, line c, late last year.
Though the 61.8% retracement resistance was overcome, GDX is still below its former uptrend, line c.
This established a pattern of lower highs and lower lows in the RS, line c.
The weekly OBV broke out to the upside three weeks ago, overcoming resistance (line c).
On-balance volume (OBV) confirmed the breakout when it moved through resistance at line c.
The OBV also completed its bottom in January as resistance at line c, was overcome.
Two weeks after the highs (line 1), the RSI dropped below key support at line C.
The OBV has broken its downtrend (line c) and appears to be starting a new uptrend.
It is just above next support (line a) with more important support at line c.
The OBV is below its WMA, but above the recent lows and the uptrend (line c).
It is also a good sign that the short-term downtrend (line c) has been broken.
The OBV did make new highs and is above its WMA and support at line c.
The major resistance (line c) that corresponds to the early 2012 high is now at 3.49%.
There is key resistance at line c and then at the downtrend, line b.
The support from the August lows in the 1, 400 area, line c, was broken this week.
The daily OBV is rising, but not far below key resistance at line c.
The monthly relative performance will turn up this month, as support (line c) appears to have held.
The daily OBV formed a negative divergence at the recent highs (line c) and is still negative.
As noted Wednesday, the negative divergence in the McClellan Oscillator, line c, indicated the rally was over.
The weekly relative performance analysis has been in a strong downtrend (line c) since the 2011 high.
Last June the break of the downtrend in the OBV, line c, signaled that QQQ was bottoming.
The relative performance broke its downtrend, line c, in May signaling the resumption of the major uptrend.
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