bill3173 - passion in your xjo posts tuesday, page-17

In America:

Dow Industrials -0.13%
Dow Transports -0.65%
SP500 -0.04%
Russell 2000 -0.33%
Nasdaq100 -0.03%

Comment: A narrow range day on low volume. No follow-through buying from Friday's big up day. The Dow 30 remains below the intra-day high of 2 May, 2011.

NewHighs/NewLows 117/2. NH>NL. The ratio of NH/(NH+NL) is at 98.3% – that remains in the “no sell” zone (above 80%). New Highs are losing momentum, but New Lows remain benign.

Technical Comment on the Dow 30:

The Dow finished at 12845.1. Above the 15-Day MA and well above the 150-Day Moving Average.
Indicators:
Stochastic: 88.8. Overbought
RSI.9 is at 71.5. Overbought
MACD Histogram. Marginally above Zero. Neutral.
MACD. Marginally above Zero. Neutral.
CCI.14: +163.3. Overbought.

Momentum Indicators are once again overbought. That’s not a signal to act – just a cautionary sign.

The chart is within a narrow rising channel. A break one way or the other from that channel should be significant. The chart also is below the intra-day high of 2/5/2011. That’s formidable resistance.

Volume on this latest rise has been steadily lower. Professional money aren’t interested in this rise. That doesn’t mean they won’t be tomorrow or the next day – just another cautionary sign.

The last night's candle on the VIX was amazing.

The last two candles are hammers. The last one looks like the Hammer of Thor. Big money seems to be betting on an increase in volatility. But the action last night only closed the gap left by the previous night's action.

Today's Tiny Pic Chinese Fortune Cookie message: ill wind. Enough said.

Redbacka
Redbacka