Registered: 1101777014 Posts: 4,664
Reply with quote #1
While watching the shuttle Discovery go through the final motions for launch this evening, it should be duly noted that the NYSE, NASDAQ, and Total Market Open 10 readings are now solidly "oversold". With the 20 week low due ideally next Tuesday, we remain within the two week window for this cycle to bottom as well.
Checking over at the volume McClellan Oscillator's this evening, we also find that the NDX and OEX are deeply "oversold", and the NYSE breadth MCO has now fully snapped back to its zero line presenting another opportunity for one side to push the market in one direction or the other. Add to this the fact that both the NAAD and the NAUD are today sitting on EMA support, and that the NYAD and NYUD remain well away from any kind of sell signal, and you have quite a bit of technical drama working right now. Can the bulls once again take command of the action near term and launch the market higher, or has today's rally failure be a hint that the bears might be growling in some distant cave and ready to put up a fight into next weeks FED statement?? We shall see what we shall see soon enough - maybe as soon as Friday's jobs data and what it gives the market participants to work with moving forward. Fib __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977
Registered: 1121600737 Posts: 995
Reply with quote #2
Hi fib, I'm O K w/ flat,, and I do not read enough of your good work.you noted 2 wks a low,well look at the vhf it Pt's. to a change in 2 wks.I hope it's a help ?