***** TA Update (intra-day) *****
As expected, there is profit-taking in the marekts today, and while there is no guarantee, it appears to be an orderly decline which looks like profit-taking rather than severe distribution.
The Nasdaq TRIN is 1.40, with a/d of 7/10, up/down volume of 1/2, on moderate volume of 1B shares.
The NYSE TRIN is 1.21, with a/d of 2/3, up/down volume 1/2, on light volume of 550M shares.
We may have the third week of similar action, wherein we have some weakness Friday through Tuesday, and then by mid-week, a rally starting again.
As long as we don't have 4-5 straight up days and don't have indications of strong distribution, we should be able to continue this rally for a while longer. |
