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Strategies & Market Trends : Ask DrBob
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To: Drbob512 who started this subject5/11/2001 11:54:12 AM
From: Drbob512  Read Replies (2) of 100058
 
***** TA Update (intra-day) *****

The Nasdaq opened slightly up but has declined to join the Dow in a modest drop. The problem is that the Nasdaq is teetering on the edge of turning negative technically. The Nasdaq advance-decline line is looking flat and toppy.

Currently, the Nasdaq TRIN is a mildly negative 1.11, with a/d at 14/19, up/dwon volume of 2/3 on light volume of 700K shares.

The Dow is down nearly triple digits and the NYSE TRIN is negative at 1.26, with a/d of 2/3 and up/down volume around 1/2 on light volume.

So the indices are negative together today, and unless we get a rally in the market internals in the next few hours, we risk breaking down technically.

Swing and position traders may wish to consider these technicals to lighten up long positions on any intra-day rallies to protect themselves from the possibility of a technical sell signal.

The April rally has disappointed and yet one cannot argue against the current weak technicals. One can blame the economic reports today or anything else, but the pundits and analysts rationalize the news to explain the day's market action. In reality, the same news could have been used to explain a market rally if it had occurred.

TA advocates don't try to understand the why's but rather the what's (happening price action wise)....
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