Wednesday, August 19, 2009

Stock Market Update - August 19, 2009

The indicators on the hourly chart are a little overbought ... but the green line (indicator for price) has turned up. This is bullish for the short term.

Money flow on the daily chart has turned up and the indicators at the bottom of the chart have or is bottoming. Again, if money flow stays positive ... this is bullish for the near term and it looks like the dollar is going along with it for now. Today we had a 59% up volume day and a cash outflow for the broader market. It all comes down to the next chart.

The dollar is the key. The short term indicators are topping at the bottom of the chart and this should boost the market in the near term.

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