Indices staged an impressive reversal & erased substantial losses.
S&P 500 @ 1573.09, low 1560.33
RSI @ 36.90
CMF @ -0.100
Internals were :
Down volume led by 9.07 to 1 in NYSE & 3.13 to 1 in Nasdaq
Declining stocks led by 6.77 to 1 in NYSE & 3.13 to 1 in Nasdaq
Net new 52 wk lows were leading by 528 in NYSE & 54 in Nasdaq
VIX UP 6.40% @ 20.11
Oil @ $95.18
Gold @ $1277.10
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
Gold UP
About market, Today's TAPE was extremely impressive. We may have found the support in 1560 area where major support band exist from 1550+-.There is a very good chance that we may establish a trading range in this run.RSI & CMF are @ the lowest point in the last six months, this bodes well for a run towards resistance. Despite a serious bear market in Nikkei & Shanghai, US market is giving a strong signal that all may be well here in US but NOT in Japan, China, BRIC or Asia.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
I'm in that phase right now where I just want to sell anything that bounces even a little. It's these points where I usually get into trouble by selling and missing out. Maybe I need to turn off my computer for the rest of the day!
But seriously, I think the window dressing effects should help us at least for the rest of the week, especially if China's tone improves some over coming days.
Stocktrader
Hi Stocktrader,
I think today & Wednesday could be strong...after that...could be same old same old TAPE......
Saleem
Post a Comment