A subscriber asks if the HUI support parameter was still 270, and my answer is that it has moved up to around 274. The 60 minute chart explains:
The lower line should not be violated to keep this picture intact. It may want to try to fill the downside gap, but I want no part of that right now. I remain intolerant of this sector’s tantrums because it has not proven itself in any technical way yet other than to have experienced a panic capitulation a couple weeks ago.
Bottom Line: If HUI stays in the triangle maybe we can get to 300 and then 320 at the upside gaps.