It looks as if the Dow is gaining some small support here in price. Volume really is bad now ... very light trading volume on Friday. We had a 66% down volume day on Friday with small amount of inflow of cash into the market ... nothing really to write home about. Both the money flow line (blue line) and price line (green line) are headed down ... intermediate direction of the market is still down.
Volume is very light now. Look at the past dips in volume and see where price headed after the volume lows were made. The blue line is a 7 day moving average for volume traded on the NYSE and the black line is the daily close price for the S&P 500.
The US Dollar trading in such a tight range over the last few days has helped the market hang on. If the dollar were to really break to the upside with conviction ... then you would see the market move down in price.
This is a view of the hourly chart for the Dow. It looks like we do have some support here with all the indicators. The green line which is a function of price and measure the cycle may try to make a double bottom here ... who knows we will just have to wait and see.
It looks as if the Dow is gaining some small support here in price. Volume really is bad now ... very light trading volume on Friday. We had a 66% down volume day on Friday with small amount of inflow of cash into the market ... nothing really to write home about. Both the money flow line (blue line) and price line (green line) are headed down ... intermediate direction of the market is still down.
Volume is very light now. Look at the past dips in volume and see where price headed after the volume lows were made. The blue line is a 7 day moving average for volume traded on the NYSE and the black line is the daily close price for the S&P 500.
The US Dollar trading in such a tight range over the last few days has helped the market hang on. If the dollar were to really break to the upside with conviction ... then you would see the market move down in price.
This is a view of the hourly chart for the Dow. It looks like we do have some support here with all the indicators. The green line which is a function of price and measure the cycle may try to make a double bottom here ... who knows we will just have to wait and see.
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