Last week's indicator review flora a stalling out of the marketplace bounce since mid-July, with fewer stocks registering fresh novel highs too solely small-scale advance-decline pull with NYSE mutual stocks. Recent sector behavior has shown signs of rotation, rather than trending, which is consistent with continued weak coin catamenia readings. As a result, the novel high/low remainder (middle chart) remains stagnant, fifty-fifty equally nosotros returned to relatively overbought levels (top chart) earlier falling dorsum on Friday. The advance-decline describe of piece of occupation (bottom chart; kudos to Decision Point) tried breaking to the upside midweek, simply roughshod dorsum into its multi-week hit with Friday's drop.
With falling commodities too a rigid the U.S. of A. dollar, stocks are finding unopen to support; the U.S. of A. equities accept been relatively rigid compared with many global counterparts, specially inwards Asia. Still, the weak coin flow, lack of consistent trending across sectors, too small-scale novel high/low pull accept me questioning the upside, specially if nosotros brand novel cost highs without meaningfully expanding those indicators.
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