TA Update (intra-day) From: Drbob512 Thursday, Jul 5, 2001 2:57 PM
Respond to of 38710
***** TA Update (intra-day) *****
The markets have been weak today as expected, with the technical indicators stalling out Monday and Tuesday. In yesterday's Technical Analysis article, it was mentioned that one more bad down day would turn several technical indicators negative, and barring a miraculous recovery in the last hour (which is very unlikely due to the market internals), this will occur.
The Nasdaq a/d is 13/21 (meeting the criteria for negative signals for the day) and up/down volume is very negative at 1/5, with overall volume at 1.0B shares. TRIN is very negative at 2.80, but not bad enough for meeting the Selling Climax criterion.
The NYSE TRIN is also very negative at 1.77, though the a/d is not very negative at 14/15, but a/d is at 1/2, with overall volume of 700M shares.
The indices rotate in terms of one outdoing the other, both on the up side and down side, but both are in downtrends.
Countertrend rallies failed mid-day, especially on the Nasdaq, due to very negative internals.
After the close, TA will re-evaluate the probabilities of the next major move, which in preliminary terms is likely to be down, even if we get technical bounces and rallies. |
