Price of the Value Line Arithmetic (VLE) Index is above the July low and at the 7/8 retrace level of the 2007-2008 range. This suggests to me that the total market remains healthy and the financials are causing all of the problems. Of course, the total market has never risen without the financials for an extended period.
Price remains above the 1:2 Gann angle of the 2002-2007 range. This could change tomorrow, but at this time the total market looks in good shape.
The Dow Jones Transports (TRAN) are also showing no sign of weakness at this point in time.
Chart courtesy of Stockcharts.com
Tags: Financials · Gann Angle Fan · Square of Range · Transports · Value Line Arithmetic Index (VLE)2 Comments
2 responses so far ↓
SPX broke 1150 slightly. I think that is the target downside for Andy.
Price closed above 1150-1170 which is a good sign.