knock knock its thursday, page-4

In America:

SP500 -0.39%
Dow Industrials +-0.32%
Nasdaq100 -0.18%
Dow Transports -1.54%
Russell 2000 -1.15%

Comment: A moderate day down on the Dow and SPX – Transports and R2K were much worse. R2K is a good indicator of breadth. It often leads the market down

NewHighs/NewLows 252/11. NH>NL. The ratio of NH/(NH+NL) is at 95.8%. In the Do Not Sell Zone.

Technical Comment on the SP500:

The SP500 finished at 1501.96. Major support: 1466.7. That’s the old high in mid-September, 2012. That could hold any retreat.
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive but turning down.
RSI.9 is at 71.3. Overbought and turning down.
Stochastic. 91.6. Overbought but below its signal line.
CCI.14: +97.7. Below +100. First warning signal.

Today was an inside day – a day of indecision. The market was flat until the FOMC meeting, then gave up some ground – but nothing too drastic.

This could be the start of a retracement – or just a pause. We need to see more negative action before being sure. At the moment, the up trend remains intact.

Jobs Report on Friday. That’s often a market moving event.

Redbacka