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Wednesday, January 9, 2013

Daily update 1/9

There is still a shortage of rally chasers.  Here is the daily SPX chart.

The bulls did show up today.  However, after a push above yesterday's high the sellers took over and pushed the market back down a bit.  I guess people are not in the mood to chase the market yet.  Here is the SPY 195 minute chart.

Two more low volume up candles for today.  No stampede of buyers there.  We still have the possibility the market has shifted into distribution mode again.  We gapped down through the price channel and gapped back up into it on news out of Washington.  I left it on the chart just in case it is still valid.  The lower trend line held yesterday.  Maybe it is still in play.  If that is the case breaking below it could be bearish again.  We seem to have balance between the dip buyers and rally sellers at the moment.  Eventually one side will win and we will get moving again.  The poor performance by the bulls today may embolden bears tomorrow. 

Chart practice has been updated with WFM the stock for today.


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