Good morning, I'm a little late today but since the market just goes up everyday, really is there any need for TA (thats Technical Analysis not the other thing).
On Tuesday we go a real big deal announced between Texas Instruments and National Semiconductor, there was a rate hike by the CHI-Coms and Moody's downgrade of Portugal's debt (wow way to go Moody's) had the futures on the defensive in the early going. In addition, the upcoming rebalancing of the Nasdaq-100 index was putting pressure Apple, which was also dragging on the indices. There was no economic data to review before the open.
The volume was heavier than Monday's but there really was no pattern discernible to the intraday volume pattern. Looking at the Breadth Indicators we find a mixed set of indicators, still suggesting more sideways choppy trade for at least another session or two.
Breadth was just barely positive but advancing volume was stronger. Once again we see the NYSE Composite outperform the S&P , although not by much. The rally looks tired (but right now the old TA is just BS, we just keep going up).
65.4% of the S&P are above their five day moving average, 79.3% are above their 10 day average, 84.4% are above their 20 day moving average, 72.8% are above their 50 day moving average, and 87.2% are above their 200 day moving average.
65.4% of the S&P are above their five day moving average, 79.3% are above their 10 day average, 84.4% are above their 20 day moving average, 72.8% are above their 50 day moving average, and 87.2% are above their 200 day moving average.
Basic Materials outperformed by over 100%, Energy by +39%. Consumer Staples, by +11%. Consumer Discretionary by +42%. I got stopped out of my BGZ (while I was writing), another 3% loss. I GIVE UP SHORTING.
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