Last week's indicator review concluded that "the peaks inwards the Cumulative Demand/Supply index induce got occurred at successively lower cost highs; each rally inwards this behave marketplace has failed to surmount the i previous. As long every bit that is the case, as well as specially every bit long every bit we're seeing weakening Cumulative TICK as well as expanding novel lows, it is premature to last pounding the tabular array on the long side." That turned out to last the proper trading stance, every bit the breadth of weakness noted inwards that review continued over the by week.
The Cumulative Demand/Supply Index (top chart) stalled out inwards moderately oversold territory over the week; interestingly, despite the recent weakness, it is non at the oversold levels that induce got typified recent intermediate term marketplace lows.
New 20-day lows continued to swamp novel highs across the NYSE, NASDAQ, as well as ASE (second nautical chart from top). Note, however, that novel lows remained higher upwardly the levels registered the prior week, fifty-fifty though stocks shut at their behave lows Friday. This non-confirmation was too evident inwards the Cumulative NYSE TICK (second nautical chart from bottom). We volition ask to encounter continued weakness inwards these measures early on inwards the calendar week or a rally from oversold levels could trial from create produce hunting as well as brusque covering.
Finally, accept a hold off at the bottom chart, which is i of the fantabulous offerings of free subscription via RSS). Starting this week, I volition last updating relative book norms for the ES futures on a biweekly basis, as well as therefore I'll last using the values from concluding week every bit a conduct this coming week.
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