Beeble,
The market internals are simply lousey, with the NEW HIGHs/NEW LOWs not showing any signs of improvement. Obviously they are down since the market is down, but they are actually getting worse.
The DOW TRANSPORTS have set a lower low.
My short-term technicals now have a reading of 25-35 which is still in the lower mid-range. Mathematically, for them to reach CLASS BUY status, it would require about 2-3 straight down days more, or a drop of 300-500 points tomorrow.
If we test 7400 tomorrow, and it holds on a intraday basis (one point below will negate it), then expect a small pop TUE/WED of next week, and then thereafter to continue its downtrend.
If tomorrow is only down slightly, expect it to continue into next week.
If tomorrow is up and closes up, then its a flip of the coin how TUe will react.
Seeya |
