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After the close on Friday 6 Mar 98.
NASDAQ:
Index closed below the intermediate up trend channel on Friday but did
close above 1748 (support) which was the old high in October.
The Up/Down Volume Ratio was 4.489 which is very good.
New Highs minus New Lows moved up to stay with in the intermedite up
trend channel.
However total volume on Friday was less than the total volume on
Thursday. Yet it is still above its 50 day MA.
With Up / Down Volume as high as it was and closing above support on
Friday I can see that the movers and shakers might try their best to
support the market over the next few weeks if they can.
NYSE:
DJIA bounced off the bottom of the channel and closed above the bottom
of the intermediate up trend channel on Friday.
S&P500 also bounced off the bottom of the channel and closed above the
bottom of the intermediate up trend channel to set a new high.
The Up/Down Volume Ratio was 4.518 which is very good.
New Highs minus New Lows moved up to stay with in the intermedite up
trend channel.
Total volume on Friday was greater than the total volume on Thursday. It
is still above its 50 day MA.
With Up / Down Volume as high as it was, total volume increasing plus
new highs minus new lows, the DJIA and the S&P500 all holding their
channels (so to speak) on Friday. The market breadth is still positive.
But could change quickly as we know the business climate is not good.
To me the risk / reward over the next few days on the long side of the
market are not very good considering the bad earnings pre-announcements,
end of quarter window dressing and options expirations coming up.
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