Info!! Indicator Update For November 17Th

Last week's indicator review noted, "Unless in addition to until nosotros tin pierce that grade with roughly decisive breakouts with the indicators, I persuasion this every bit a hit marketplace in addition to await farther testing of marketplace lows." We did indeed instruct that testing of lows on Th morning, followed past times a vigorous afternoon rally, in addition to and then past times a swoon on Friday. By the terminate of the week, the diverse S&P 500 sectors remained inwards a downtrend, with coin current negative on the calendar week in addition to a weak advance-decline work for NYSE mutual stocks.

The Cumulative Demand/Supply mensurate (top chart) remains moderately oversold, in addition to we're coming off of expanded novel 65-day lows (middle chart) with NYSE, NASDAQ, in addition to ASE stocks on Thursday. Each selloff since Oct has resulted inwards fewer stocks making novel 65-day lows, only we bring every bit good been unable to sustain periods inwards which novel short-term highs bring outnumbered novel lows. This lack of buying involvement is reflected inwards the Cumulative NYSE TICK work (bottom chart), which has been falling steadily through the week.

So that's the dilemma: spell recent selloffs bring non been every bit wide in addition to sustained every bit inwards early on October, neither are nosotros all the same getting indications of sustained buying interest. Until that occurs, it is premature to assume that a durable intermediate-term bottom is inwards place. The followthrough to Friday's weakness--whether nosotros tin represent Thursday's lows--will enjoin us a non bad bargain close how much firepower the bears retain.
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