You're going to like this. If not for the insight within, then for the surprise near the end...
This interview reminds me of days of old, long ago, when it was Sue McMahon at FNN — the Financial News Network. This was well before there ever was a CNBC. I like Sue's style. Always have. But who is she to call Jim Miekka of the Sudbury Bull & Bear Report "blind?" (lol) I thought his Hindenburg Omen thesis and McClellan Oscillator caution were credible insights and might interest you, too, for their tangent with my realm...
Miekka has a point about the McClellan Oscillator's positive position. So, let's take a look at oscillator peaks since late-May bottom. Judging by the two peaks noted above, a levitation over the next several days taking indexes no higher than Friday's peak at 10:00 a.m. is well-within the realm of possibility. Indeed, this might be the best to come of the oscillator's recovery this week.
Note the price-oscillator divergences drawn above (green and red). Both reveal increasing weakness. So, rather than further gains, a levitation might best be expected, and this despite the oscillator being solidly positive here. That's my refinement on Miekka's caution.
The same look at NASDAQ McClellan Oscillator peaks since late-May bottom bolsters the outlook projecting a levitation over days ahead.
A couple added things worth noting above... NASDAQ's Summation Index reveals animal spirits are southbound. This is noteworthy because NASDAQ is seen a leading-edge indicator of the broad market's trend.
Note, too, oscillator extremes since late-May. These, seen in conjunction with diminished trading volume, show there remains plenty of [weak-handed] longs either expecting happy days again or, more likely, hanging on for dear life. (Their selling otherwise would act as a drag on the oscillator.) None of this is typical in a bull market.
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