Wednesday, December 16, 2009

Stock Market Update - December 16, 2009

The hourly chart for the Dow looks pretty hard to read to me ... some of the indicators look to be moving up like the money flow and the bottom price indicator (very bottom of the chart). However, the main price indicator and the tick data seem to be moving down.

The daily chart shows some strength ahead with the money flow moving up. Strength could mean prices moving up or support and moving sideways. Today we did have a negative cash flow for the broader market and the NYSE still posted an up volume day at around 53%. I would still have a long position at this point with tight stops to protect and short term profits.

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