It now looks that most of the short-term indicators are oversold with the exception of the green line which measures the price cycle. The green line is still moving up so I would have to say the very short-term trend is up ... but we could see some weakness in the days ahead.
The daily trend is still down at this point ... however it looks as if the green line which measures the price cycle is beginning to flatten out some at the bottom of the cycle ... it may start to turn soon. Today we had a net accumulation day for the Dow ... today's price was higher than yesterday's close and on higher volume. Also, we had a 90% up volume day for the NYSE and the market had almost $2.3 billion of net inflow of cash. If you listen to other analyst they will tell you after a 90% up or down day in volume there will be a price reversal in opposite direction very soon. I would have my stops move a little closer to ensure I keep most of the gains here.
It now looks that most of the short-term indicators are oversold with the exception of the green line which measures the price cycle. The green line is still moving up so I would have to say the very short-term trend is up ... but we could see some weakness in the days ahead.
The daily trend is still down at this point ... however it looks as if the green line which measures the price cycle is beginning to flatten out some at the bottom of the cycle ... it may start to turn soon. Today we had a net accumulation day for the Dow ... today's price was higher than yesterday's close and on higher volume. Also, we had a 90% up volume day for the NYSE and the market had almost $2.3 billion of net inflow of cash. If you listen to other analyst they will tell you after a 90% up or down day in volume there will be a price reversal in opposite direction very soon. I would have my stops move a little closer to ensure I keep most of the gains here.
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