NYSE Composite

About this time last week I suggested that the upside force of the tape was weakening. Today, the up trend line broke. What cannot go up with force will reverse and attempt to go down with force. The 2/16 gap is pulling hard. A sharp increase or decrease in volume during test of support will be bearish or bullish, respectively.

The retest of the 10/28 low on 2/05 occurred on shrinking volume. This suggests decreasing downside force. If the 10/28 and 2/05 swing low is tested again on decreasing volume, it will generate another bullish setup that should coincide with another slide in the dollar and rise in gold.

It's basically a watch and wait now.

NYSE Composite ETF and NYSE Volume: