Info!! Indicator Update For November 10Th

Last week's indicator review noted considerable forcefulness amid the indicators, overbought readings, in addition to resistance closed to the one m expanse of the S&P 500 Index. After some continued forcefulness early on inwards the calendar week that briefly took us inwards a higher house that one m region, real potent selling hitting the marketplace for 2 consecutive days before a bounce on Fri left us pretty much inwards the midpoint of the broad make defined past times the Oct lows in addition to the recent toll highs. As I noted inwards that before review, until I discovery signs of breakout or breakdown amid the indicators, I hold to persuasion this activity every bit business office of a bottoming procedure that started amongst a momentum depression closed to Oct 10th.

We hold to reckon signs of buying interest inwards the Cumulative Adjusted NYSE TICK business in addition to a downward tendency inwards the number of stocks making fresh 20-day lows. Overall, however, the bulk of stocks inside the major S&P 500 sectors are inwards short-term downtrends. We convey come upwardly off real overbought levels inwards the Cumulative Demand/Supply Index (bottom chart) in addition to finished on Fri at relatively neutral levels. While we've seen a reduction inwards the number of issues making novel 65-day lows (top chart), nosotros convey non yet seen a meaningful expansion of 65-day highs, given the sudden marketplace reject of the past times few months.

The advance-decline lines specific to the S&P 500 large cap stocks in addition to the S&P 600 pocket-size caps are off their belatedly Oct lows, but also off their recent highs subsequently the potent two-day selloff. That one m share of the S&P 500 Index remains of import resistance; nosotros saw enough of sellers run across the marketplace when nosotros hitting that mark. Unless in addition to until nosotros tin post away pierce that rate amongst some decisive breakouts amid the indicators, I persuasion this every bit a make marketplace in addition to human face farther testing of marketplace lows.
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