Here is a look at the hourly chart for the Dow (its ETF - DIA). It looks very sloppy at the moment. I would have to say the bias is down for now ... but this could change after a hour or so. A lot is going to depend on the dollar.
The daily chart is still showing the money flow moving down. It will be interesting to see how far down into the cycle it goes. All the short term indicators are pointed down as well as the primary trend indicator (the green line). Today we had a small amount of net cash inflow into the market and we had a 58% down volume day on the NYSE.
The equity market is going to come down to which way the dollar is going to move. This looks to me it is building a base for a possible move up over the longer term.
Here is a look at the hourly chart for the Dow (its ETF - DIA). It looks very sloppy at the moment. I would have to say the bias is down for now ... but this could change after a hour or so. A lot is going to depend on the dollar.
The daily chart is still showing the money flow moving down. It will be interesting to see how far down into the cycle it goes. All the short term indicators are pointed down as well as the primary trend indicator (the green line). Today we had a small amount of net cash inflow into the market and we had a 58% down volume day on the NYSE.
The equity market is going to come down to which way the dollar is going to move. This looks to me it is building a base for a possible move up over the longer term.
Posts
No comments:
Post a Comment