« Q Moto | Main | Chart Setups »
July 27, 2005
OEX Labors
While the small and mid-cap dominated indices recently moved to new all time highs, the S&P 100 (large-cap) Index is struggling with its June high. The price relative (OEX relative to SML) peaked at the end of April and declined to a new low in July. This chart is similar to the Dow chart posted two days ago.
OEX consolidated around 575 the last two weeks. A move below the consolidation low (570) would be short-term bearish. For the medium-term, a rising wedge is taking shape and a move below 557 would signal a continuation of the March-April decline.
Posted by Arthur B. Hill at July 27, 2005 08:53 AM