Last week's indicator update suggested that nosotros remained inwards a hit leap market, amongst the depression 900 share inwards the S&P 500 Index every bit resistance in addition to the depression 800 expanse every bit support. Once again, the ball was inwards the bull's court, the update indicated, in addition to 1 time again, nosotros saw a continuation of non-trending activity across almost sectors, amongst few stocks inwards my handbasket showing decisive upside or downside movement.
One expanse of describe was the pocket-size cap stocks, in addition to this showed upward every bit firmness inwards the Cumulative Adjusted NYSE TICK (bottom chart) in addition to the novel 20-day highs/lows (middle chart). Although the S&P 500 Index unopen its calendar week off its highs, the wide marketplace retained much of its strength, every bit we've seen a relative absence of aggressive selling pressure. At this juncture, the Cumulative Demand/Supply Index (top chart) is overbought, inwards a share where nosotros ordinarily come across corrective drive to the downside. As long every bit nosotros come across peaks inwards the Cumulative DSI at successively lower cost highs, it is premature to conclude that nosotros are gratuitous of the bear's grip.
Nevertheless, seasonal tendencies are providing a mensurate of firmness to the indicators, amongst a multi-month high inwards the novel highs/lows measure. We expire along to merchandise inside a wide range, frustrating bulls in addition to bears alike; ultimately, I await whatsoever continued inability of stocks to sustain a displace inwards a higher house the 900 expanse resistance to Pb to a exam of the hit lows.
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