From: Drbob512 Friday, Aug 3, 2001 3:20 PM
***** TA Update (intra-day) *****
The market internals have improved over the past 2-3 hours, but you wouldn't know it by the indices. With this improvement, perhaps we will get a little bounce before the close.
The Nasdaq TRIN is 1.77, with stochastics crossed down for it, and a/d went from worse than 1/2 to the current 15/21, up/down volume is 30/67 (was 1/4 and 1/3), on overall volume that is light at 1.1B shares, which is preferable over declines on heavy volume.
The NYSE TRIN is 1.17, with a/d of 13/17, and up/down volume of 27/45, as those numbers have improved as well.
But the weak day puts some doubt into whether this is just profit-taking or the beginning of something more ominous. The McCllelan Oscillator will turn down and it will be interesting to find out if it has turned negative or not.
Monday is a critical day to determine the direction of the markets, as the bulls have lost some credibility with today's losses being greater than they wanted for a profit-taking day.
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