Market Momentum
As you can see, the stock market has been making a series of higher highs since January 2018, but the weekly RSI is diverging from that, making a series of lower highs. Since the high in January 2018, it has also made a lower low with the weekly RSI confirming, also making a lower low. Bottom line, the current weekly momentum in the stock market is down.
Agreed. And Gundlach has a point that NYSE is THE major index,
and it topped in Jan 2018 with no new highs since.
EW folks putting high probability on new lows below Dec 2018.
Outside chance of a mere retrace of rally.