Cycle screening measures only strengthened slightly yesterday and remain at very weak levels. While 8 of the 9 measures strengthened, most changes were small, and 8 of the 9 remained on the sell side. The aggregate indicator had only a small gain and remains at a very weak level. It will need to move up significantly to form the basis for a sustained rally. The overnight reversal of the rally is consistent with these numbers, although as I write this, traders in NY are just waking up. They’ll have some work to do to right the market ship.
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