often provide short term buy and sell signals. Not depicted, but evident, is the loss of momentum
on rallies, lack of on rallies.
Fundamental micro does not support this market going higher so "bad data" can spark
big sell-offs. Durable Goods Orders missed by a wide margin this morning and previous
months were revised sharply lower but were already off 100 points or so because
Chinese data overnight suggested that demand FROM and WITHIN China is waning.
Also note same reversals exist on weekly charts.