zia's pole vaulting tuesday, page-3

Jeeper - well done. I liked the little pun joke at the end. Made my morning after looking at last night's boring markets.

In America:

Dow Industrials -0.02%
Dow Transports -0.28%
SP500 -0.05%
Russell 2000 -0.56%
Nasdaq100 -0.19%

Comment: A narrow range day on low volume. Looks like most traders stayed for a long weekend up at the Hamptons. Fireworks next session? Or more boredom?

NewHighs/NewLows 186/17 NH>NL. The ratio of NH/(NH+NL) is at 91.6%. In the Do Not Sell Zone.



Technical Comment on the Dow 30:

The Dow finished at 13073. Support/Resistance: 13058/13269
Indicators:
MACD Histogram. Above zero. Positive.
MACD. Above zero. Positive.
RSI.9 is at 66.1. In a zone where pull backs occur.
Stochastic. 88.7. Overbought.
CCI.14: +155.1. Overbought.

The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive.

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

The latest session produced a narrow range consolidation on low volume. Given the overbought nature of the market a lot more upside seems doubtful. So we’re left with (a) more consolidation while the overbought status is worked off then the next move up, or (b) a big reversal.

The next session should provide clues as to direction. At the moment, I’m clueless. (A bit like the Broncos after last night's effort.)

Redbacka