The bottom line, the short-term trend is down and I hold no position overnight.
One trick for tomorrow, when NYSE Down Volume : NYSE Up Volume >= 9 (Major Distribution Day), 32 out 50 times (64%) a green day the next. Noticed that the trick didn’t work well recently, so be careful.
I searched as far as to year 2000, there wasn’t a case like we have now – A Major Accumulation Day (NYSE Up Volume : NYSE Down Volume >= 9) followed by a Major Distribution Day (NYSE Down Volume : NYSE Up Volume >= 9) back to back. So apparently we’re now in no man’s land. The consequences? Well, I wish I could know. The only thing I’m sure is tomorrow will be a key day as bulls need a green day to avoid a bad sign that worked 8 out of 8 times recently. I’ll talk about this in tonight’s report.
Disclaimer
The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.
This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.
