***** TA Update (Sept. 2) *****
The markets rallied in the last two hours to close at the highs of the session.
The Nasdaq a/d was 2/1, u/d vol 4/1, indicating moderate accumulation, on very light vol of 1.2B shares. The McC Osc rose to +57, a lofty level, and will provide either a multiple top formation or will usher in a strong leg up for the index. The Summation rose to -427.
The NYSE a/d was 23/9, u/d vol 6/1, indicating strong accumulation, but on very light volume of 1.1B shares.
The markets rallied to or above resistance levels of 10,250, 1875, and 1113-1120.
If the Friday Reversal Rule holds, then tomorrow will be weak. The true test will be next week to see if this market has a bullish breakout or a bearish reversal. |
