If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Tuesday, January 29, 2013

Daily update 1/19

A little disconnection in the indexes today.  The COMPX, Russell 2000, and the transports noticeably  lagged the SPX and the Dow today.  Here is the daily SPX chart.

The moon shot continued today.  Volume was pretty heavy also.  Lets look at some internals.

The number of stocks above their 10, 20 and 50 SMAs all continued to drop today.  It looks like some profit taking has entered the market.  How about a peek at the new highs chart.

Today had the lowest number of new highs since 1/16. 

Despite SPX being up over .5% today there were only 56% of NYSE stocks positive.  The MClellan oscillator was 57.  With SPX at  new bull market highs these are low numbers.  The internals are weakening now as price moves higher.  How much longer can it keep going?


No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.