Back into the technicals
Myself I wouldnt be reading too much into this DMI+/DMI- situation. Im glad youve put in a qualifier.
Lets take a look at the DMI pattern in Oct/Nov 06.
The DMI separation reached a maximum 15 Nov for a local price peak. When the sp peaked on the 30 Nov the DMI separation was much diminished. So if one was looking solely at the SP expecting a bullish rise the DMI separation supported a price move south. And that subsequently transpired.
Fast forward to our current pattern.
The DMI separation is much greater for 28 May price peak and smaller for 15 Jun peak. A bearish divergence. The DMI separation narrowing is not supporting a short term bullish outlook.
( Ive used terminology of DMI separation here but usually these divergence patterns would be taken on the DMI+ . The divergence pattern really stands out for the DMI+ line for both sets of dates.)
dmi patterns
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