|
PureBytes Links
Trading Reference Links
|
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
I am not good at forecasting, but that makes sense. Hence I'll be wary, whenever
something makes sense and becomes obvious, the market turns around and does the
opposite...
Gwenn
|