RBHO inter spread has had some big fundamental happenings of late. Irving's plant back on line and diesel basis mostly. Best moves in energies haven't been flat price lately. Look at gas crack. 4.25 in 2 days. When the spreads calm down, THEN start looking for NLs to stabilize and bottoms or at least stagnation to come in.
It certainly seems to be following your prediction so far Mav. DIA SPY IJH IJR IYT are all showing -2 on the 30 day lines and have all confirmed monthly A downs. It will get interesting if we have the rate hike then confirm the weekly A ups next week.
How do we justify a bullish rally when our NL are all negative and confirmed downside. The only thing I see that could be bullish is the ISEE sentiment index hitting in the low extremes on Friday.
A bullish rally would be justified by equities displaying bullish price action through the lens of ACD. If everyone is leaning short equities right now, yet ACD is showing strength through confirmed daily & weekly Aups along with a firming up of the number lines, then the market is telling us something that is not necessarily visible to all participants. If this happens you will also have shorts eventually running for the exit, which will add further upside momentum.
Trying to lock in an interest rate on a house right now and bonds failed at the Monthly Aup two days ago. Going to end up costing me thousands of dollars in interest. lol
How is 50 bullish exactly? 50 point hike = huge dollar moves in fx land. More headwinds for overseas companies, weaker commodity prices, and not to mention the economy is barely growing at 2% a year. If they do raise 50 (they won't) we're testing lows of August.