Written by Jim Welsh
Special Update from Macro Tides 21 June 2019
The major averages are bifurcated from one another. Although the S&P made a new high and the DJ Industrials is likely to do so soon, many broader averages like the NYSE Composite (which includes 1700 stocks) and Russell 2000 are far from prior highs.
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The DJ Transports look especially weak and if the DJ Industrials makes a new high, there will be a huge non confirmation with the Transports. This would be up a Dow Theory sell signal. The Semi Conductor Index is the leading technology index and it looks weak which suggests that technology, the main market leader, will not do well in coming months.
The fragmentation between the major averages is not a healthy sign.
