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Has anyone else noticed that we've put in 3 outside days (2/12, 2/17, 2/20)
and 2 inside days (2/11, 2/13) in the last 7 March S&P trading days (am
looking at consolidated sessions). In each case the high of the outside day
represented a new high. Looking at cash I see 2 outside days and
2 inside days in the same period. Seems to me to be quite unusual yet I
can't find anything substantive on the subject even in my trusty E&M.
The overall tone here seems to be a strong market:
DJIA, SP500, Nyse, Nasdaq have all had strong runs
Daily Nyse & Nasdaq breadth has been
Daily Summation has risen dramatically
Daily Nyse & Nasdaq volume has been solid
Daily OBV is confirming the Nyse & Nasdaq highs
yet there are some signs of moderate weakness
DJIA, SP500, Nyse, Nasdaq are all at/near resistance
Breadth momentum is slowing
Weekly Nyse & Nasdaq volumes have declined 3 weeks in a row
I'm wondering if the unusual price pattern is telling us that supply/demand
are closely balanced and that rather than seeing an intermediate top, with
retracement to 1000-1010 level, we're in for a sideways correction before
moving on higher. Any opinions?
Earl Adamy
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