The market breadth data chart (or RHNYA) below is quite an interesting chart to look at.
As you can see below, the RHNYA hit a new low a few days ago, but since then has rallied up strong to the 75.00 level.
Each time we hit a low in the market breadth and rallied, so did the market. So it is for this reason we could probably say early next week (10th - 11th June) We are probably likely to see some sort of a rally on the market. There is room to move on the upside here.
Now that the "tapering" news has died down, and traders are not so strung out about it, this chart makes sense, and could be clearing the way for some buyers to come back into the market early next week.
|market breadth data|
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