Also look at http://www.siliconinvestor.com/readmsg.aspx?msgid=21363609 and compare the OTC U/D and TRIN (the former still increasing the latter decreasing after a peak in the 10 DMA on 5/23 and an extreme in the 5 days new highs to 1800 plus on 5/18 and the SOX 10 dma reaching 90 twice last week).
These indicate the development of a local peak. The proximity of the Naz to the major resistance at 2100, the $INDU minor resistance at 10600, $ndx at 1555/61 in conjunction with the aforementioned extremes could indicate a local top. These are not outright long term bearish signals, but a warning flags short term which could develop into a more severe retrench.
Mind you, if the compression of the old traditional EPC range from the extremes of .4 to .95 to a range .45 to .85 is a permanent feature of that parameter, than, the reading of .45 we got on 4/20, could be followed by a major top within two weeks. Unfortunately, I do not know if that feature is a permanent one or not.
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