Tuesday, September 29, 2009

Stock Market Update - September 29, 2009

Hourly chart for the Dow shows money flow is almost cycled to the bottom and the primary indicator (green line with price chart) is headed up. We should see some strength when the money flow bottoms and providing the dollar cooperates.

Same here for the daily Dow chart ... money flow looks to be close to a bottom (blue line with price chart) ... so once it bottoms and starts back up we should see some overall strength if the dollar cooperates. One item that still worries me some is the volume ... or lack thereof. Today it was a 50/50 for percentage of up/down volume on the NYSE and the money flow for the broader market was basically even. There was large buying today of QQQQ's.

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