Open flat, another boring day, I guess.
Institutional Buying and Selling Trending from www.stocktiming.com. My view of the chart is that the distribution is at historical low while accumulation has negative divergence, but overall, the institution is still in accumulation mode.
market is down now. Will it bounce back?
I have no idea. SPY is on an important support now. TRIN actually is not so bearish today.
10:25am, Here’s a text book target for Symmetrical Triangle. The rebound so far now looks like a consolidation, so still could breakdown…
11:23am, just a reminder, it’s not a broad based selling, financials are strong therefore TRIN is very low now (0.47). So bears, don’t get too excited.
Thanks cobra! It seems as long as the "blue" accumulation is high market will not fall. It seems that at prior high (before the big plunge) both accumulation and distribution cross and are both at low end.
ReplyDeleteLook like GDP/Job number didn't resolve anything. Another grind to death flat day?
ReplyDeletemarket is down now. Will it bounce back?
ReplyDeleteUpdated the post, see above.
ReplyDeletehere's a 30 minute chart for another point of view. the MOM indicator stands for momemtum not "mother" LOL http://img195.imageshack.us/img195/1793/spy30min.png
ReplyDeleteQQQQ has broke his very important support at 40.
ReplyDeleteThe same with SPY.
It should act as resistance from now. We shell see ..
Cobra, what's going on? Will market make new high soon?
ReplyDeleteNo idea. The next resistance is the last high.
ReplyDeleteCobra,
ReplyDeleteNotice that the US Dollar broke down,..OIL is UP, and that in turn is suporting SP500.
Wonder at what point Dollar Weakness will weigh on US multi national's earnings?
Good call on US Dollar pull back and move higher in OIL,...you were right.
Regards, Jim P.
strong market
ReplyDelete