Both the RUT and SPX are on the Sell/Hold side. The Rally was not enough to turn the indicator bullish. If tomorrow is positive, even NR7 positive it would be enough to turn this indicator. I will try to remember to run this index mid-day tomorrow for our trading room. It should give us a good sentiment heads up on what is developing.
This is the most bullish of the indicators having rejected its one day in sell territory only to push above our buy/sell line (the 20 period moving average). This is a two day confirming indicator and one day either side puts it neutral. A follow through tomorrow on the high side would turn me bullish on this indicator, a reversal back across the 20 DMA tomorrow is my expectation since I have called for 3 to 5 days of weakness post OPEX.
The Zweig did that kick thing.. the question for tomorrow is will it continue up in a thrust it will it back off down toward oversold. I believe we are still on our way down on this indicator where we will build a base for another rally thrust going into the end of the year.
