The stock market needs to carve out a fresh record — and soon — or else, says chart watcher Andrew Adams.
Adams suggested that the current dynamic in the market is fragile, with the Dow Jones Industrial Average DJIA, -0.36% the Nasdaq Composite Index COMP, -0.50% and the small-capitalization oriented Russell 200 index RUT, -1.00% under pressure for the past few weeks. Still, optimism could be erased if the index breaches its long-term trend line, with readings of momentum already signaling a flagging pace of gains since the last time the S&P 500 threatened a decisive break below trend :
“If that were to happen it would be coming after the S&P 500 ‘kissed’ the underside of the previous uptrend line that was in place from 2009 until late last year and after the index put in a ‘negative divergence’ by making new highs but with lower RSI readings the last two times ,” he said.
You have to look at the chart move from pre-crisis levels
...Or else 🤔
technically it has to exhale properly otherwise the fresh records won’t sustain. Let’s not push for that type of environment. :)
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