***** TA Update (intra-day) *****
The markets are mixed, with the Dow up after becoming a bit oversold last Friday, and the Nasdaq is continuing it's weakness from last Thursday and Friday as expected, and it will need to arrest it's decline soon, perhaps near the support at 2170. The psychological support at 2200 has been broken intra-day today.
The Nasdaq TRIN is a negative 2.11, with a/d decidedly negative at 13/21, up/down volume of 2/7, on overall volume that is light at 700M shares, which projects to around 1.6B shares, another light trading session on a down day.
The NYSE TRIN is a negative 1.55, which belies the positive Dow, and a/d is slightly negative at 13/14, up/down volume is 2/3, on light volume as well.
The Dow is valiantly trying to hold it's psychological support at 11,000 and the Nasdaq is barely above it's support at 2170, so today and tomorrow may be critical to determining whether this market can resume it's short term and short-intermediate term uptrend.
The technical indicators are still positive on balance, as of this moment. The only negative one is the Nasdaq daily rate of change but the weekly rate of change is quite positive.
The closing market internals will be important to signal whether the technicals will hold up. |
