Yes, this may have trouble flying to new high, if the market is capped with current level. The Usual suspects for the current weakness is from the Sensitive sectors, Techs, Industrial and Energy. Remember these are important, with 40% weight on SPY and 60% weight on QQQ .
Before i get diverted, The next mode in SPX/QQQ the airlines are to be watched for.
Also keep an eye on their as it unfolds. FYI - Earning on LUV is 1/22
2. Force index, Money Flow, CCI and DMI (are additional gadget.. not necessary)
3. Volume by itself can be used as divergence but pretty ambigous
i will explain all.
Unfortunately MACD has no DIVERGENCE!
Gotta summon the other
RSI, Force Index, MFI all shown bearish divergence.
Still a short for me.