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Monday, January 5, 2009

01/05/2009 Market Recap: Still Overbought

Consolidation day today. A Doji was formed, the direction is unknown. But since the market is still very overbought, so it's high likely to pullback further and such kind of pullback could last for a few days. Intermediate-term still is up as long as no lower low is formed on this coming pullback.

 

0.0.2 SPY Short-term Trading Signals, not a single overbought signals are fixed today.

SPYShortTerm

SPX Short-Term Volume Osc from www.decisionpoint.com, green line is way too high, very overbought. Since it's a 5 day moving average of the blue line above, so it's not easy for the green line to go down and that's why I said that this coming pullback could last for a few days.

SPXCVI

T2122 from Telechart, 4 week New High/Low ratio, rise again today, overbought.

 T2122

NYSE Common Stock Only Advance-Decline Line from www.decisionpoint.com, very interesting, for the last 3 up days the advancing stocks were less and less, this is a negative divergence.

NYSEStockOnlyAD

 

1.4.4 TSE McClellan Oscillator, Canada is very overbought too. The signals in this chart are all at their highest point.

TOAD

Posted by Cobra at 10:08 PM

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