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Further checking showed top indications are far worse than first thought. I just discovered the IYF, IYG, Russell 1k and 3k are also top extended through the 3rd week in July. Expect a rough patch near term. Subscribe to our tools from the Bloomberg app store (APPS)
We noted a daily scale ExtremeHurst Top Extension in the IVV iShares Core S&P 500 ETF. Expect a retracement period lasting through July 21st.
The Nasdaq, SOXX, S&P500 growth IVW, XLK, MTUM, MGK and many others just threw daily top signals. Expect a flat to down period lasting thru May. Our tools are available to license. See http://www.pfr.com
Here is a chart update on the 7th trading day from our top signals. So far this is only a mild retracement.
The S&P 500 cash half day chart (195 minutes) nailed the bottom. Will it nail a top is to be determined. Expect a flat to down period for the next week.