top or bottom thursday, page-10

In America:

SP500 +0.23%%
Dow Industrials +0.38%
Nasdaq100 +0.22%
Dow Transports +0.22%
Russell 2000 +0.58%

Comment: Another pause day. Narrow range day on low volume. Volume, leaving out the Sandy affected day, was the lowest for about two weeks. That is no doubt due to the Thanksgiving Holiday – four day weekend coming up in America. The market will be open for half day trading on Friday.

NewHighs/NewLows 81/37. NH>NL. The ratio of NH/(NH+NL) is at 68.6%. Still not in the Do Not Sell Zone. New Lows crept up a little and showing a nervousness. I’d like to see those below 25 and the the Ratio move into the DNS Zone.

Technical Comment on the SP500:

The SP500 finished at 1391.03. Support/resistance: 1365/1418.65. Above a major horizontal support/resistance line.
MACD Histogram. Above zero. Positive.
MACD. Below zero. Negative.
RSI.9 is at 50.3. Positive.
Stochastic. 49.7. Positive.
CCI.14: +10.6. Above zero, positive.

Four Momentum Indicators are now into positive territory. MACD below zero means the market is still susceptible to sell-offs.

We still need to see 13-Day TMA turn up and a break above the down trend line from mid-October.

Chaikin Money Flow (bottom pane) is now into neutral territory between -0.05 and +0.05.

When America goes into holiday mode, our market sometimes has one day when it surprises – either to the upside or downside. We now have three days of trading while America is off the scene (discounting the 1/2 day Friday). So if we do get a fireworks day, that could be a good indicator of where the market is going. Probably, however, we’ll just have sludge days.

Happy Thanksgiving to all the gringos. :)

Redbacka