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Reply with quote  #1 

With some thinking that last Wednesday's simple reversal bar was something more "key" to the trending price pattern sequence from March, it should be duly noted that:

1) the NYSE and NASDAQ MCO's are stochastically "oversold"

2) the components that make up these MCO's have only suggested continuing corrective activity in an uptrend

3) the momentum of the MCO's created shallower extremes with these same "oversold" readings

4) the STVO's are now "oversold", the CVI's were last Wednesday with the same divergent momentum

5) the NYSE, NASDAQ, and Total Market Open 10's are all "oversold" with the NYSE variant deeply "oversold" for the past 3 weeks

6) the 4 & 21 DMA's of the NYSE TRIN are also "oversold"..the 10 day nearly so

7) we found good price pattern support at the 20 day EMA

8) many of cumulative breadth and volume lines also found support at their 10% Trends (19 day EMA) and moved higher on Monday

9) with all of the breadth MCSUM's above their +500 levels, this makes it highly improbable that an opposing trend can develop

10) seasonality wise, the end of the month into next Monday should keep prices buoyant

11) liquidity levels are unprecedented

Taking all into account, the technical expectation from this point is for higher prices for the next several days/weeks...for as long it takes to change the above to something different.


Oh...and by the way, Mortiz (Randy) advised me this past weekend that the unweighted NYSE composite is now at all time highs. Not too surprising really given the way the Bond CEF's and Preferred A/D lines have been going at it over the last several months.

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