zia's art of saying nothing tuesday, page-3

In America:

Dow Industrials -0.29%
Dow Transports -0.03%
SP500 -0.13%
Russell 2000 -0.26%
Nasdaq100 +0.21%
Comment: The "summer doldrums" continue. A relatively flat to modestly down day on Indices except for the Nasdaq100, up modestly. Nothing to write home about. Volume was the second lowest for ... a long long time. The last time volume was like this, the market went into a short term funk, six down days in a row.

NewHighs/NewLows 81/20 NH>NL. The ratio of NH/(NH+NL) is at 80.2%. Remaining (just) in the Do Not Sell Zone. Momentum in the New Highs is slowing.

Technical Comment on the Dow 30:

The Dow finished at 13169.4. Support/Resistance: 13058.2/13269
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive.
RSI.9 is at 63.3. Positive, but rolling over.
Stochastic. 94.6. Overbought.
CCI.14: +85.9. Falling below the Overbought level. Caution.

The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive. (I've shown the 5-Day EMA on the chart rather than the 10-Day as I use the 5-Day to define the short term trend.)

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

The AUD/USD was down -0.53%.

Industrial Metals had a poor session, down -1.18%. The previous session Industrial Metals were down overnight and our Materials Sector continued to have a positive session in Australia. The downward pressure in the Metals must have an effect soon.

VIX (Volatility Index) had a multi-year closing low in the overnight session. It came to within .01 of the Intra-Day Low back on 16 March. Complacency is at a very high level. That doesn't mean the market will tank tomorrow - but it does set up the conditions in the near future for a serious pull-back. Technically - the MACD is showing a big positive divergence - suggesting that a major trend change is probable in the near future. (VIX trends inversely to SP500 and the Dow 30.)

Big night tonight. Greek Bond Auction. If it bombs? But ... you never know, it might be OK.

Redbacka