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In America:

Dow Industrials -0.01%
Dow Transports -0.44%
SP500 +0.17%
Russell 2000 -0.28%
Nasdaq100 +0.36%

Comment: Dow 30 was about as flat as you can get – and a narrow range day on exceptionally low volume. Volume today was as low as we saw during the Xmas period. The Average True Range has been dropping steadily throughout this bull rally. The market has become almost comatose.

NewHighs/NewLows 174/1. NH>NL. The ratio of NH/(NH+NL) is at 99.4% – that remains in the “no sell” zone (above 80%). The amazing run of NLs below 10 continues, it’s now stretched out to 15 days.

Technical Comment on the Dow 30:

The Dow finished at 12983. Index continues to sit just below the 13000 level.
Indicators:
Stochastic: 87.2. Overbought. Above its signal line.
RSI.9 is at 66.9. Not yet overbought, but in the danger zone.
MACD Histogram. Marginally above Zero. Neutral.
MACD. Marginally below Zero. Neutral.
CCI.14: +126.6. Above +100. A fall below that level would be negative.

Not much to say. The market remains in consolidation mode and volume is dropping. Theory says that the next big move is probably up. A big down day would put paid to that idea. Wait and see.

So – the Dow 30 looks bullish. That is contradicted by the Dow Transport Index. Its in a down trend and consolidating at the lows.

One of these is “wrong”.

Wait and see.

Redbacka