The red trendline is huge resistance, and the purple is short term support/resistance. As long as the Adv/Decline line is making new highs with the market, there's no reason for me to believe the market won't continue up. Volumes terrible, but that's typical in the summer, market melted up three straight months on no volume last year.
Most likely that we continue to ride the bottom side of the purple line up into the red line, which would bring us to a potential top? (ETA July 15-16) Expect a pull back there, how much? Who knows, who cares, if we continue to make new highs on the A/D line after that reversal, we'll be back at ATH's again. If the market tries to retest those highs or even make new highs, but the A/D line doesn't make new highs or attempt to make new highs with it, a bigger sell-off will follow.
*Not trading advice, as always, do your own analysis!*
Most likely that we continue to ride the bottom side of the purple line up into the red line, which would bring us to a potential top? (ETA July 15-16) Expect a pull back there, how much? Who knows, who cares, if we continue to make new highs on the A/D line after that reversal, we'll be back at ATH's again. If the market tries to retest those highs or even make new highs, but the A/D line doesn't make new highs or attempt to make new highs with it, a bigger sell-off will follow.
*Not trading advice, as always, do your own analysis!*
Been sitting here waiting on AAPL to retest that long term trendline forever it feels like. Will definitely feel a lot more confident when it does and rejects it. Testing and rejecting it feels like something that will have to happen before a rollover can occur though. Probably see a double top in AMZN and FB as well. Big Tech will lead us one way or the other.