The abbreviated holiday session began with a large downward gap and quickly put the low of the day on the chart eleven points down just three minutes into the day. A rally attempt ensued bring the index up seven points 45 minutes later but the bulls could not follow through and the rest of the session traded lower on very low holiday volume.
The SPX lost 10.33 points during the week. The four week RSI of the four indices (SPX, Dow, NASDAQ, and Russell 200) is 61. Pullbacks often occur as this RSI reaches 80 and bounces near 20.
For the SPX, there were 191 components advancing and 298 declining. Total tick for the week was 412,000. The number of components with their 5 DMA below their 20 DMA decreased during the week from a ratio of 3.75 to one to 1.36 to one.
On the NYSE, the advance/decline line decreased slightly during the week -670 while the 10 DMA of Net Advancing increased from -319 to -207.For the SPX Index there were 60 Advancers/426 Decliners. On the NYSE 3,005 issues were traded with 949 advancing issues and 1,966 retreating issues, a ratio of 2.07 to one declining. There were 73 new highs and 13 new lows. The five day moving average of New Highs is 70 while the five day moving average of New Lows is 19 and the ten day moving average of Net Advancing is -207. The Net Advancing data indicates a bearish trend.
Declining volume was higher at a ratio of 4.42 to one. The closing TRIN was 2.13 and the final tick was -200. The NYSE Composite Index lost -1.04% today while the SPX lost -0.75%.
For the NYSE, relative to the previous 30 session average, volume was -58.63% below the average. Of the last 15 sessions 6 sessions ended with volume greater than the previous rolling 30 day average volume. Of the last 30 sessions, 19 sessions ended on a positive tick, 5 of last 10. For the SPX, the day's volume was 35.1% of the average daily volume for the last year. Volume was 38.9% of the last 10 day average and 49.9% of the previous day’s volume.
Total tick for the day was 66,000 and the average tick for the day was 43. There were 38 ticks greater than 600 and 19 ticks more extreme than -600. There were 2 ticks greater than 1000 and no ticks more extreme than -1000. The tick action suggests institutional accumulation.
Looking ahead to next week, it’s a busy economic calendar and the news from the Eurozone lend for market unpredictability.
Market internals continue to hover around the neutral area suggesting continued range bound and choppy trade will continue for several more days as things sort themselves out. I still look for a second leg downward as part of this ongoing corrective cycle but I do not believe it becomes a significant correction until 1165 breaks.
No significant change in portfiolio and no change in long-term view (update this week)
Positions: RES SLV TBT GLD URZ UEC GDXJ small position in BGZ (trading around it, will add more if key supports broken on SPX) IRE and AIB
Looking ahead to next week, it’s a busy economic calendar and the news from the Eurozone lend for market unpredictability.
Market internals continue to hover around the neutral area suggesting continued range bound and choppy trade will continue for several more days as things sort themselves out. I still look for a second leg downward as part of this ongoing corrective cycle but I do not believe it becomes a significant correction until 1165 breaks.
No significant change in portfiolio and no change in long-term view (update this week)
Positions: RES SLV TBT GLD URZ UEC GDXJ small position in BGZ (trading around it, will add more if key supports broken on SPX) IRE and AIB
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