INDEX UPDATE
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The BUY-ON-DIP mentality did not worked that well, although throughout the day there were attempts.
I'm smart enough to realise that this market could rebound immediately to the upside, but the technicals are indicating that there should be follow-thru to the downside tomorrow.
Even though the NAZ was up, the ADVANCE/DECLINE ratio was in favor of the declines, and same for the UP/DOWN VOLUME ratio. Also the
NEW HIGH/NEW LOW ratio also declined.
Only the XAL and RLX are in the oversold region, but on the other hand the SPX,XOI,OSX are still/now CLASS SELLS. Also, most of the indexes are only in the upper middle range or still borderline overbought; therefore on just a technical basis, not price basis, there is still plenty of downside.
Well, lets see tomorrow if the BUY-ON-DIP wins out.
Good nite all |
