***** TA Update (intra-day) *****
Yesteday's Nasdaq action was mixed, with a close above the gap opening, but a failure once again at the 2080-2090 resistance area.
Today's early morning action is slightly negative, with the Nasdaq TRIN at 1.14, (60 min stoch is flat and uncrossed but the 30 minute is crossed up, so beware of that pulling up the 60 min) with a/d mildly negative at 12/15, and up/down volume of 1/2. The hour gap from yesterday has filled, as we reached a low of 2009.
The NYSE TRIN is negative at 1.17, with a/d of 1/1, up/down volume of 11/13, and it too is at risk of a sharp selloff.
So watch the a/d and TRIN's very carefully if long any volatile stocks or if considering short sales. This market remains vulnerable to the downside, and I may sound like a broken record about the open gap at 1975, just like I did about the one at 1941 which took time to fill, but did so as expected because of the downtrend aiming at the gap.
If the market can turn around in the next hour (it is trying right now), then perhaps we can get another temporary technical bounce, but it would take extremely improved technicals for it to have any staying power.
The Nasdaq may retest 1934 and if it does not hold there on a close, then the 1800's are likely. A more oversold Nasdaq and Dow would be encouraging for the technicals and far as a tradeable bottom from the long side. |
