snippets - 06/11/09, page-31

Choppy reversal day today which didn't tell us much.

The daily candle was a "shooting star" which is theoretically bearish but not particularly reliable.

Advance/Decline Ratio was 1.13, mildly bullish. But the UpVolume/DownVolume was 0.82 - mildly bearish.

There were six new 20-day highs today from the 50 Leaders. That's the best we've seen for 14 days. But of those, five out of the six were intra-day highs which had reversed below the key level by the end of the day.

So - I think we have to take our cues from support/resistance and overbought levels. The market reversed off a key resistance level and stocks above the 10-Day SMA remains over bought at 80%. On those figures I'd expect more sideways to down action for a couple of days.



Cheers
Red