In America:Dow Industrials +0.29%Dow Transports -0.34%SP500...

In America:

Dow Industrials +0.29%
Dow Transports -0.34%
SP500 +0.02%
Russell 2000 -0.33%
Nasdaq100 +0.00%

Comment: Dow 30 up a bit on a narrow range day, others were flat or down a bit. Volume remains at a low level. Not much interest in this market today. Tomorrow is Fed Day. The market usually rises into the announcement time, then some fireworks. Anything can happen tomorrow. If QE3 is hinted at, the market could shoot past 13000.

NewHighs/NewLows 115/14. NH>NL. The ratio of NH/(NH+NL) is at 89.1%. This remains in the Do Not Sell Zone above 80%. Momentum in the New Highs is slowing while momentum in the New Lows is increasing. That trend still hasn’t reached dangerous levels.

Technical Comment on the Dow 30:

The Dow finished at 12959.7. Near by Support/Resistance: 12720/13060.
Indicators:
Stochastic: 60.8. Rising above its signal line. Positive
RSI.9 is at 56.8. Positive
MACD Histogram. Marginally above zero. Neutral.
MACD. Below zero. Negative.
CCI.14: +39.3. Positive.

A lack lustre day – Waiting for Godot. The Dow 30 remains in an uptrend with major resistance in the 13000/13060 zone.

The DTI remains in a down trend channel in place since early February, 2012. This non-confirmation of the Industrials is of major concern.

Below is a comparison chart of the Industrials, Transports and Utilities. Historically, Utilities have topped out ahead of the Industrials. This staged topping of Utilities, Transports and now Industrials isn’t looking good.

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