Regardless if the Russell 2000 makes new high or not, weakness is around the corner. Using the wave principle one can make a case we do have five up from the low we saw in early 2016. Once you can count to 5 just expect a correction. We just don't know how deep of a correction we will have.
To bolster our confidence in our topping view are the weak internals of the Russell. New 52-week high vs new lows are flashing caution. So stocks above their 150MA. No good.
Furthermore, the Europeans indices might have started their own correction. I will post a chart later this week once their own first wave down is over.
For the big picture, because the AD summation line is not diverging yet we are still long term bullish but short term there's just too many signs warning us to be careful.
To bolster our confidence in our topping view are the weak internals of the Russell. New 52-week high vs new lows are flashing caution. So stocks above their 150MA. No good.
Furthermore, the Europeans indices might have started their own correction. I will post a chart later this week once their own first wave down is over.
For the big picture, because the AD summation line is not diverging yet we are still long term bullish but short term there's just too many signs warning us to be careful.