Tale of Two Tapes

While the S&P scraped out a new nominal ATH... only 6% of stocks made new 52wk highs.

This divergence can be seen clearly in comparing the equal weight RSP to SPY. Not only is RSP still under the Feb high but it is even still under the June high allowing it to be the B of the wider flat for (2) still.

We see a good mix of ind stocks in StockWaves that fit into each faction and those that look like they only need a C down to complete ALL of (2) will be at the top of our lists for the next round of rotation when many other things might be only "A" of a new ABC for (2).

SPY - Primary Analysis - Aug-19 1006 AM (4 hour)
SPY - Primary Analysis - Aug-19 1006 AM (4 hour)
RSP - Primary Analysis - Aug-19 1006 AM (2 hour)
RSP - Primary Analysis - Aug-19 1006 AM (2 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.