***** TA Update (intra-day) *****
After opening lower, the markets have rallied on fairly good market internals as breadth is positive, especially for the NYSE, and volume is moderate, which is better than it has been.
The Nasdaq TRIN has been around .80 and the a/d is better than 9/8, up/down volume 4/3, on overall volume near 900M shares, which projects to around 1.9-2.0B shares.
The NYSE a/d is 17/11, up/down volume 3/2, so it is not as impressive as it appears.
The Dow has traded above 11,000 today, and needs to close above that level to encourage the institutions to extend this technical rally. A close below 11,000 might indicate another failed attempt to break out.
The Nasdaq is having a modest rally with the index not close to breaking out above 2300, or even the recent high of 2232.
We shall see if this rally will be another chance to sell before an intermediate term decline, or if it will extend for another week or two. The Oscillator reading seems to have gotten a reprieve from turning negative, but has still made lower lows and for now it has lost momentum.
Remember a one-day rally does not make for a trend. Let's see if we can get 4 rally days in the next 5 sessions because if we cannot, we will likely weaken significantly. |
