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fib_1618

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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


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bobalou

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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 ?


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