Indices closed mixed but fought back to closed @ high of the day.
S&P 500 @ 1950.79, low 1944.64, high 1950.86
RSI @ 73.36
CMF @ 0.439
Internals were :
Down volume led by 1.07 to 1 in NYSE & .78 to 1 in Nasdaq
Declining stocks led by 1.37 to 1 in NYSE & 1.22 to 1 in Nasdaq
Net new 52 wk highs were leading by 125 in NYSE & 68 in Nasdaq
VIX Down 1.43% @ 10.99
Oil @ $104.35
Gold @ $1260.10
AH ER : ULTA UP 10.17%, SYNA UP 18.04%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE remained resilient & closing @ high of the day is extremely impressive. Internals did weaken substantially. It is all set to make another all time high in S&P 500 while Dow made it today already.This TAPE is very impressive to deserve long term conviction.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Mortgage applications rose 10.3% last week. I wonder if this is a turning point finally. With applications picking up and rates down today, I can't believe the homebuilders are down so much...
Stocktrader
Hi Stocktrader,
There is analyst view that housing will be lackluster this year....resulting in underperformance by housing stocks.
Based on above theory and price movement a rethink is important.
Saleem
Post a Comment