I think it's all going to come down to this ... the US Dollar ... and this will most likely dictate which direction the Dow is going move over the next few days and weeks. I've posted a daily chart of the US Dollar with the Frye indicator in green. As you can see it has bottom so to speak ... question is ... is it "The Bottom".
Today the market lived up to some expectations that there might be some weakness. I still believe we will see some kind of correction here over the next few days or weeks. The market is generally weak post Memorial Day. Today the volume was light compared to yesterday. The market had an outflow of capital of $494 million for the DJ US Total Market and the Financial sector led the way with largest outflow. The NYSE posted an 80% down volume day and the NASDAQ had a 63% down volume day. If we see a close above 9,050 or 9,100 on the Dow with the other major indexes confirming new highs with strong up volume ... then say hello to the new bull market. If we continue sideways or down from here then we are at risk of seeing a meaningful correction over the next few days or weeks. The only question is how much of a correction?
I think it's all going to come down to this ... the US Dollar ... and this will most likely dictate which direction the Dow is going move over the next few days and weeks. I've posted a daily chart of the US Dollar with the Frye indicator in green. As you can see it has bottom so to speak ... question is ... is it "The Bottom".
Today the market lived up to some expectations that there might be some weakness. I still believe we will see some kind of correction here over the next few days or weeks. The market is generally weak post Memorial Day. Today the volume was light compared to yesterday. The market had an outflow of capital of $494 million for the DJ US Total Market and the Financial sector led the way with largest outflow. The NYSE posted an 80% down volume day and the NASDAQ had a 63% down volume day. If we see a close above 9,050 or 9,100 on the Dow with the other major indexes confirming new highs with strong up volume ... then say hello to the new bull market. If we continue sideways or down from here then we are at risk of seeing a meaningful correction over the next few days or weeks. The only question is how much of a correction?
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