xjo weekend zoomba lounge, page-60

Those graphics from BiggDaddy are classics. I hope he's OK.

In America:

SP500 +0.88%
Dow Industrials +0.86%
Nasdaq100 +0.95%
Dow Transports +1.16%
Russell 2000 +1.19%
Comment: After a two day pull back, the Buy-the-Dips-Mob were back in action today. A strong day on lower volume. Volume was the lowest in the past eight days. So, sellers were noticeably absent from the market today.

NewHighs/NewLows. NH>NL. 114/17. Ratio: 87%. Back into the Do Not Sell Zone. New Lows are once again in the “no worries” area below 25 after a couple of days of nervousness.

Technical Comment on the SP500:

The SP500 finished at 1515.6. Marginally above the nearby resistance level marked yesterday.
MACD Histogram. Below zero. Negative. But rising.
MACD. Below zero. Negative.
RSI.9 is at 54.3. Back above its mid-line. Positive.
Stochastic. 41.7. Below 80 and its signal line. Falling. Negative.
CCI.14: -29.6. Still below zero, negative, but rising..

My thoughts yesterday that we’d finish higher today came through. The move up today was bigger than I thought it might be, but that’s the way it goes.

The big move up today wasn’t, however, as bullish as it looks at first glance. I don’t often show intra-day charts, but it’s worth a look at today’s SP500 (2-Day, 5 Minute chart):

After the initial jump out of the blocks, today’s chart shows a bearish rising wedge. The flat MACD shows that the up trend, intra-day, was desultory. It may not mean much, but the relatively gentle intra-day rise today indicates that the rise was due more to a lack of selling than any strong bullish up move. (I mentioned today’s low volume in the introductory comments.) The bears look like they’re holding back at this stage.

For the bulls to prove their case they need to get back above the big blue horizontal line on the top chart. Another test of that level could be in the cards. The bears to prove their case need to break back below yesterday’s low. This remains in the balance. We’ll see.


Redbacka.