People are excited with the big move in equities, but today the SPX just tested toward the 1081 level that it reached in the September swing high a few weeks ago. So it regained the amount it had dropped plus a bit more. And we must acknowledge that the volume on today's drop was less than on each of the prior two days going up. Is it a breakout? My indicators have been showing relative weakness - and here's another analyst seeing something similar. Marty Chenard has posted good intormation about the continuing - but declining - money flow into equities, in this article at Safe Haven | Are Institutional Investors Selling or Buying? - http://www.safehaven.com/article-14724.htm, earlier this week. The point is good and I've added the Chaikin Money Flow indicator in the first indicator "window" in this view of my SPX daily chart, below. Looks to me like it's telling the same story as the lineup of technical charts I posted last night: the recent rise is confirmed but with negative divergence which points to an approaching top. So you can see that it's waning. I've said before that picking a market top is just as "stinky" as picking a bottom - but this type of indicator helps provide another warning that a turn is very close:
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