Traders hoping to position inwards a bottom this calendar week were disappointed equally weakness expanded through the week. The advance-decline describe of piece of employment for NYSE mutual stocks, helpfully tracked past times Decision Point (top chart), shows us breaking downwards to novel acquit marketplace position lows. This was no uncertainty aided past times weakness with secondary issues, equally the Russell 2000 stock index made novel acquit marketplace position lows equally well.
The novel high/new depression figures likewise constitute weakness expanding equally the calendar week moved along. Fri saw us register 99 novel 20-day highs across the NYSE, NASDAQ, in addition to ASE against 2564 novel lows. While the novel lows are however fewer than nosotros saw a dyad of weeks ago, in addition to hence far the market's oversold status has non brought pregnant buying interest, equally tin last seen from the coin period of time figures for the Dow industrial stocks (bottom chart). We bring moved from real heavy selling to to a greater extent than neutral levels inwards the four-day average (pink line), but in that location is no bear witness in addition to hence far of sustained buying interest.
Among the xl stocks inwards my handbasket divided evenly with viii S&P 500 sectors, my technical forcefulness stair out finds exclusively 1 inwards a slight uptrend (AMGN), 1 neutral (WFC), in addition to the remaining 38 inwards downtrends. What is pregnant is non simply the wide weakness, but the means inwards which wide weakness has been sustained over time. We are seeing a historic liquidation of stocks and, in addition to hence far, my indicators are non picking upward whatever reversal of that trend.
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