|
PureBytes Links
Trading Reference Links
|
I think because we are so close to the August 97 highs we need to move
higher before we can have a true market correction. I think Fridays DJIA
showed us that with Friday's low. Intra day we moved within striking
distance of the August highs. I actually see us moving higher so the
market can move well above the old August 97 highs. This way when the
market does pullback it can pullback without the technical problem of
moving below the August 97 highs.
Harley
Earl Adamy wrote:
> 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
|