***** TA Update (intra-day) *****
The markets are rallying modestly as the NYSE a/d is 18/11 but the u/d vol is only 11/8, indicating a lack of strong accumulation, while the Nasdaq is considerably stronger with a/d of 16/11 with u/d vol at a very strong 3/1.
Thus today's action so far is constructive, and if it holds, it will be just in the nick of time because yesterday's weakness was at a critical juncture as the a/d line had just failed to make new highs, showing bearish divergence.
The late rally yesterday made the day's action somewhat in question. If we sold off late yesterday and today, it would have confirmed sell signals.
Today's action does not invalidate yesterday's weakness yet, but if we close strongly, it will put it in question.
This market has had been boosted by many factors, including low rates, strong foreign markets and many stock deals, namely stock buybacks and acquisitions, some by private equity.
The global growth has been amazing and continues, as China had reported 11.9% growth in the past quarter.
When the market, crude oil, and gold can all rally together, it is a powerful force, and we may be seeing that once again.
Time will tell, and that time will be soon, either way.
regards,
drbob |
