MARKET BREADTH NYSE
Net Advancing Issues 3111
Net New Highs -123
Net Up Volume 2,225,452,682
TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 11867
*SHORT TERM DOWNTREND | Directional wave | Prior support 7882 | Prior resistance 10882
CHART WATCH
The Dow exhibits a short term capitulation move confirmed by todays 936pts uptick and the RSI. It is a good 1000pt range between support and resistance and extreme volatility swings could present very short term profitable opportunities for highly disciplined momentum traders. Trend followers, on the other hand, should remain on the sidelines. For now, any near term rally that this bounce espouses should be viewed with suspicion.
Net Advancing Issues 3111
Net New Highs -123
Net Up Volume 2,225,452,682
TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 11867
*SHORT TERM DOWNTREND | Directional wave | Prior support 7882 | Prior resistance 10882
CHART WATCH
The Dow exhibits a short term capitulation move confirmed by todays 936pts uptick and the RSI. It is a good 1000pt range between support and resistance and extreme volatility swings could present very short term profitable opportunities for highly disciplined momentum traders. Trend followers, on the other hand, should remain on the sidelines. For now, any near term rally that this bounce espouses should be viewed with suspicion.
No comments:
Post a Comment