We've nearly filled the gap left from earlier this month:
We did breach the trendline in place since the March lows on strong momentum.
Speaking of trendlines, let's look at other markets with a similar theme:There's the IWM trend broken, ouch!
Ditto the Q's:
The DIA, however, is lagging (but then look at some of the stocks that comprise the Dow Jones Industrial Average, who wants half of 'em?):
The Dow Jones Transportation Index leading the way:
These trendline breaches are important in the sense that when we do "bounce" we'll have to watch how these trendlines are tested and/or recovered. Take the Dow Jones Utilities Index for example. It breached its trendline, "bounced" back in an attempt to recover the trendline, only to fail.
Watch for snap-backs to these broken trendlines and whether they can recover or if they're seen as opportunities to sell.
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