Restarting the downtrend
Friday's action started the downtrend again. The RumWave indicators are kind of split on the remaining time of the decline. Overall, I think we will be down for the rest of the month. I can't say what the magnitude of the decline will be. However, the potential is there for it to be a violent swing down.
The RumWave score turned quite green but it is not signaling time to buy yet.
The most interesting thing of the 4 hr chart is the bearish divergence between the candlesticks and the MACD. It's not a jump-off-the-screen signal, but I think it is there.
The daily chart is just showing the start of the trend breakdown. A down day Monday will turn the candle Red.
As I write this I'm getting CNBC text alerts that Asia is down on renewed Spanish debt fears. Europe has been pretty quiet the last week or so.. too quiet.
Best of luck this week!
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