06/07/2016 Daily Commentary: Not much change today, as the Markets popped up more today, but closed weak. The bounce up at the Red Line (50-day avg.) from two weeks ago might be over. The S&P 500 was able to go slightly above the April Highs, but other Indices are lagging, and the Volume is poor. Failure to push higher soon could be a big ‘Double Top’. The rally since the May 19th low probably finished with Wave 5 up TODAY or in the morning (See Chart). Then a pull-back.
Caution! Most Leading Funds are in or near the Red Zones (probably too late to Buy for the short term). Wait for Green Zone Buys. Many Funds are having trouble staying Above 90 Relative Strength. Markets are tired.
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