I Still Believe This Is A Countertrend Rally

I ran out of time in the video but the last chart is there to show you that some of the major world indexes aren’t exactly screaming bottom and many of them haven’t participated in the bounce.

I wouldn’t say that screams of confidence that this rally has that much more to go.

One other aspect about today’s rally on the Dow and Nasdaq that I forgot to mention – pathetic volume.

Anemic volume, but closed above 50ma

ZenTrader Chart

ZenTrader Chart

Video below

Read more posts on zentrader.ca »

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.