***** TA Update (intra-day) *****
The markets have traded lower the past hour but have not accelerated to the downside, and have had some countertrend rallies that have been modest thus far.
The internals are still negative despite the small rallies. The Nasdaq a/d is 13/17, with up/down volume 1/4, on moderate volume of 735M shares, which projects to around 1.7B shares.
The NYSE a/d is positive but barely at 15/14, but up/down volume is negative at 3/5, on 393M shares, which is moderate.
The markets' internals should signal the eventual direction and close. If the up/down volume improves dramatically on the Nasdaq to even, or at least to 2/3, then the index and most stocks will rally nicely, but if it stays 1/4 or worsens, then we will see a sharp selloff.
The lack of follow-through from Friday is worrisome, and a weak close could portend another downdraft instead of the bounce of last week turning into a bona fide rally. |
