Replies to post #403820 on Zeev's Turnips Patch-No Politics (ZEEV)

[ogm]

Last time the DOW 5 day RSI dropped so fast to this level was in March, it had 2 more strong down days, and bounced only after that. But even then the bounce didn't take it to the close of the day on which RSI has dropped to 17s.

And that bounce ended up making only a narrow consolidation pattern. Which broke down in a few days.

Doesn't mean much. Just an observation.

But ALL summations turning negative for the first time in this rally is very negative, IMO.
NDX summation was the first to turn a few days ago, but today NYSE and Naz summations caught up.

[connor26]

thoughts on TASR? thanks in advance

[ogm]

There is something wrong with GE. Last 2 days the chart is just plain ugly. Can there be a blow for the market coming from there ? They have received a couple subpoenas lately.

Financial business is a huge part of GE. Are there cockroaches about to be uncovered ?

Weekly chart seems to have put in a major top formation too, and its certainly cracking wide open here. Last 2 DOW components that acted like this where AIG and IBM.