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April 25, 2006
RKH Breadth
This chart shows the McClellan Oscillator and McClellan Summation Index based on the stocks in the Regional Bank HOLDRS (RKH). The ETF recorded a new high last week, but the McClellan Oscillator and McClellan Summation Index are lagging behind. Both formed lower highs last week and the McClellan Oscillator moved into negative territory yesterday. This is not a good sign for RKH breadth and these indicators are not confirming Tuesday’s rally (green oval). Look for RKH to break its 50-day EMA to confirm weakness in these key breadth indicators and reverse the current uptrend.
Volume based breadth charts and new high/low breadth charts are also available for RKH at ETFInvestmentOutlook.com (click here)
Posted by Arthur B. Hill at April 25, 2006 03:46 PM