US & Global economic slowdown, QE2 coming to an end. |
Monday's session began with a significant gap lower but immediately began to climb and for the first ninety minutes things were going the bull’s way. But shortly after 11:00 am the high of the day was painted and possession turned to the bears. Sellers methodically pushed the index lower the rest of the session with the low of the day just minutes before the close.
For the SPX Index there were 152 components advancing and 323 components declining. On the NYSE 3,155 issues were traded with 990 advancing issues and 2,056 retreating issues, a ratio of 2.08 to one declining. There were 105 new highs and 35 new lows. The five day moving average of New Highs is 167 while the five day moving average of New Lows is 26 and the ten day moving average of Net Advancing is -160.
Technically the S&P has broken support at the breakout level, now it has support at 1300, recent low. The breadth indicators are all oversold, indicating a couple days of bounce at least.
Technically the S&P has broken support at the breakout level, now it has support at 1300, recent low. The breadth indicators are all oversold, indicating a couple days of bounce at least.
There really is no reason for this market to rally without news of QE3. They are going to hold off as long as they can on this so that dollar can rally and oil and PM's can come down.
No comments:
Post a Comment