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Ending How It Began (Parabolically)?

 
weekly Chart In Focus

There is a lot of talk lately about the market “going parabolic”.  Most of the time when that term is used, people are thinking about prices swooping upward like the main cable on a suspension bridge, with each additional lateral increment seeing increasing vertical increments.

But a parabola can also be seen in the path of a bouncing ball, which goes up the fastest at first, and then stalls out at the apex of its rise.  If you turn upside down a plot of a bouncing ball, you’ll get a... Read More

The Chart That Worries Me: HY Bond A-D Line

 
weekly Chart In Focus

There is no divergence yet between stock indices and the NYSE’s composite A-D Line.  But there is one in the High Yield Bonds A-D Line, and that is an early warning of big trouble to come.

High yield bonds usually trade more like stocks than like T-Bonds, and so that has led a lot of analysts to keep an eye on junk bond ETFs like HYG and JNK, especially if they show a divergence relative to stock price indices.  Those ETFs tend to be dominated by high yield bonds that are related to oil... Read More

Gold in Euros Not Confirming

 
weekly Chart In Focus

Since bottoming on Dec. 12, gold has had an impressive run higher, closing up on 13 out of the past 14 trading days.  Or at least that’s true for gold prices measured in dollars. 

But gold prices measured in euros have had a much more tepid response, and have not even made a higher high yet.  It is not a bad rally in the euro price of gold, but it is not confirming the higher high in the dollar price.  History shows that this is a problematic sign for the gold rally. 

Divergences are an... Read More

 
Daily Timing Chart

 

01/19/2018 IssuesVolume(000s)
McC OSC -14.304 14265
Sum Index 2991.551 3727445

More Data

The McClellan Oscillator

 

OscillatorCreated 1969, the McClellan Oscillator is recognized by technical analysts as the essential tool for measuring acceleration in the stock market. Using advance-decline statistics, it gives overbought and oversold indications, divergences, and measurements of the power of a move.