There remains significant technical weakness in the charts of the major indices. These have been in place for a week but they also start at the forefront of concerns. We’ve spoken of the various divergences but we now also have 3 red alert bars. These pop onto my chart when price has extended beyond 2-standard deviations of a median price, in other words extending into an area that tends not to be able to be supported for long. History shows that when we get 5 or more of these red alerts the market has a higher chance of reversing. We have 3 at present but we also have confluence of other signals. Also to not today is that the daily trend has again turned flat.
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