we don't like mondays tuesday, page-3

In America:

Dow Industrials -0.25%
Dow Transports -0.88%
SP500 -0.05%
Russell 2000 +0.15%
Nasdaq100 +0.16%

Comment: A narrow range day on higher volume than yesterday. Bulls Versus Bears: Draw. Trannies, however, suffered a big down day.

NewHighs/NewLows 72/12. NH>NL. The ratio of NH/(NH+NL) is at 85.7%. In the Do Not Sell Zone.

Technical Comment on the Dow30:

The Dow finished at 13124.7. Support/Resistance: 13058.2/13269. In the congestion zone.
MACD Histogram. Below zero. Negative.
MACD. Below zero. Negative.
RSI.9 is at 49.5. Neutral.
Stochastic. 26.4. Negative
CCI.14: -69.7. Recovered from below -100. Positive.

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

On Friday, the Dow 30 bounced off dual support at 13058 and the 30-Day EMA. Today looks like consolidation at the highs of Friday. Preferred scenario: a test of the recent highs around 13270. (The intra-day high four days ago was 13330.) Support at 13058 now looks crucial. A break below that would be negative. If that occurs and major divergences exist on the Indicators, we might expect a sustained down move. At this stage we remain in a sideways consolidation.

My preferred scenario could even seen a marginal new high while remaining viable. This may take a few more days to play out.

Industrial Metals were relatively flat -0.06% while US$ Gold took a breather from its recent spectacular run -0.38%. Australian Dollar was down -0.21%. BHP in New York was down -0.92%.

There’s no joy in any of that for Australia today. I think we’ll probably have a narrow range day maybe a little weaker. let's see how the STR Mob (Sell the Rally Mob) do today.

Redbacka