Volume continues to build while breadth is horrible.
click to enlarge
I’ll point this out again as I did when it occurred. DeMark weekly sequential indicators [noted on QQQQ chart below] flashed a '9' on May 19th for the 20th open @ $49.45. The following week, virtually every other major market sector that had been rallying also displayed these '9s'. When this happens the odds strongly favor one of two things: either the existing trend will take a break and move sideways or reverse course. When many markets sport this reading, it means a more powerful signal generally. These markets included, but weren’t limited to: MDY, IWM, IYT, SLX, EFA, EEM, ILF, EWZ, RSX and so forth. Why don’t I post them? They’re for subscribers frankly.
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Source: Thursday Outlook: Financial Drag