The Industrials rose to a new all-time high Tuesday, intraday, then retreated in the afternoon about half the rise, then finished up into the close, but below the intraday highs. It is possible they topped on our Phi mate turn date, then started the next leg down in the afternoon with a corrective bounce. It will be interesting to watch price action the remainder of this week. The S&P 500 fell slightly, techs fell, and small caps continued to take it on the chin. Trannies dropped as much as the Industrials rose. Oddly, in spite of the rise in the Industrials, NYSE Declining stocks exceeded Advancing issues 3 to 2. Further, NYSE Hew Highs dropped in half with New Lows remaining significant. This is not the stuff of a strong solid healthy stock market. The stock market remains on an 18 observation Hindenburg Omen. This market is fragile. GE got its debt rating reduced to junk. The U.S. Second Civil War is heating up as we approach the Mid-term elections. The delusional Fed Chief Powell said today that everything is coming up roses.
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