Firstly the breadth charts which for the most part are all saying much the same thing for both the short term and intermediate term outlook:
Negative breadth divergence abounds and it's fair to expect that we are either at or near a tradeable high....
The charts speak for themselves (to anyone who understands breadth and Dow theory) so I'll keep the commentary to a minimum.
I have left the least bearish chart 'til last. The cumulative NYAD line has a small divergence at the high but I would expect more than this for a major high. Nevertheless I have seen the market turn several times with a small divergence such as this.
Bottom line.... All the breadth divergence that a short position could ask for. The only question is how low will it go and how long will it stay down.
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