*****TA Update(intra-day)*****
The Nasdaq TRIN weakened the past 2 hours to .56 from .35, and concurrently the index filled about 1/2 of the day gap from the opening.
The a/d is still positive, though weaker during this countertrend as expected, at 21/16 from 21/16, and up/down volume is 8/3 from 55/12, so the dead zone weakness is not terrible at this time, and if the TRIN can improve during the next hour and a half, the Nasdaq can still rally to retest the day's highs at 3984, or at least hold on to most of it's gains.
A negative sign is that the 30 min TRIN stochastic has crossed up, but the 60 min has not done so yet, though it is at the cusp.
It doesn't look like the Naz will fall apart technically here as the TRIN and a/d are still in positive territory, but they need to be watched very closely by daytraders and swing traders.
We remain in a horizontal trading range between 3794/3700 and the 4000-4289 area for the Nasdaq while the Dow seems a little more vulnerable. |
