Indices were UP then closed down, every indices breached 50 DMA except Nasdaq.
S&P 500 @ 1989.63, low 1982.26, high 2018.69
RSI @ 34.36
CMF @ 0.033
Internals were :
Down volume led by 4.31 to 1 in NYSE & 3.24 to 1 in Nasdaq
Declining stocks led by 3.17 to 1 in NYSE & 2.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 330 in NYSE & 170 in Nasdaq
VIX Down 3.13% @ 20.42
Oil @ $55.91
Gold @ $1207.70
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, tonight IBD has changed its market outlook to "market in correction". Chinese HSBC flash PMI came in @ 49.5% which is first contraction in 7 months. Russia has hiked its interest rake to 17%, all the three events plus Oil continued decline seems like we are going down hard @ open, in my estimation we may have seen the lows already or are very close to "turning UP". It is important to keep an eye on RSI which is my most reliable indicator for a "turn in market". I am expecting a strong close on Tuesday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Bought back DATA @ 80.151.
It has come right back down to its 50 DMA again, so it looks like the perfect entry.
I think the tech stocks above their moving averages are what to buy here based on the idea of more stability in the world. Chasing an oversold bounce in some industrials/materials is not what I'm looking for right now--I think they will still be sluggish into year end based on tax loss selling and possible estimate cuts.
Stocktrader
Hi Stocktrade,
Every idea is a good idea based on time frame, for trading, strength is the way to go.
Good luck with DATA.
Saleem
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