big daddy's cool hand luke 'moi' wednesday, page-13

Pisces: Absolutely brilliant, Old Chap, Brilliant.

In America:

Dow Industrials -0.65%
Dow Transports -1.29%
SP500 -0.81%
Russell 2000 -1.2%
Nasdaq100 -0.95%
Comment: A solid down day on increasing volume. Bulls better pray now.

NewHighs/NewLows 215/35. NH>NL. The ratio of NH/(NH+NL) is at 86%. Still in the Do Not Sell Zone. New Highs continue to be strong. The NH figure is surprisingly resilient given four down days. New Lows are beginning to show some nervousness.

Technical Comment on the Dow 30:

The Dow finished at 12653.1. Support/Resistance: 12502.7/12764.5.
Indicators:
Stochastic: 52.9. Negative.
RSI.9 is at 45.9. Negative
MACD Histogram. Negative.
MACD. Above zero. Positive.
CCI.14: -10.4. Negative.
The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive.

The medium term trend is up. The short term trend is down.

Today was a wide range day with a strong opening. From there it was mostly down hill until the last few minutes when the market moved up strongly. The bears had made enough for the day.

Indicators say this still has more downside to come. A strong bounce off support around 12500 tomorrow would give hope to the bulls. At this stage the medium term trend remains up, so this may just be a pull-back in the up trend. A break below the 12500 level in the next couple of days would destroy that scenario.

An explanation for the "yellow and blue bottles". I'm severely colour blind - the usual red and green ones just don't do it for me.

Redbacka