Special: Mid Cap Index
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The market continues to hold up well despite some early signs of topping action. I see lots of blogs discussing the early signs of weakness in the Transports and NDX, but little has been mentioned about the failure of the Mid Caps to break to new highs.
At the moment, the Mid Caps appear to have failed at resistance and have not broken to new highs, joining the Transports by signaling a non-confirmation of the stronger indexes.
In addition, the RSI indicator has failed at important resistance. On a weekly chart, the 65-level is generally the upper resistance level in a bear range, and the MID RSI has now failed to push above this level and appears to be headed lower.
