*****TA Update (intraday)*****
The markets have rallied a bit from their earlier lows, with the Nasdaq firm in particular, with TRIN at a very positive .43, as a/d is negative at 13/20 but up/down volume is very strong at 5/3, and the TRIN 30/60 minute stochastics are crossed down.
With breadth negative, this rally has to be suspect, and if the up/down volume weakens to even or to down volume beating out up, then look for this rally to have been just a resetting from the oversold condition.
The breadth will tell the story, so if it can improve greatly today, that would be encouraging to the bulls.
But for now, one needs to be cautious, as a retest of 2251 still looms as a real possibility, especially if the Greenspan does not cut rate in the next week or two. |
