02/11/2009 Market Recap: Consolidation Day

The market consolidated on decreased volume today, the future direction is unknown.  Probably the rebound could continue tomorrow.

 

1.0.4 S&P 500 SPDRs (SPY 15 min).  The main reasons for the rebound tomorrow: Double Bottom plus some positive divergences.

2.8.0 CBOE Options Equity Put/Call Ratio.  CPCE tested trend line, and tomorrow will be critical -- if the market goes down, most likely the trend line will be broken, and therefore a top will be confirmed.

1.3.7 Russell 3000 Dominant Price-Volume Relationships, 1368 stocks price up volume down, bearish.  However because of the typical consolidation pattern on the decreased volume today, I'd not read too much into this.