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Tuesday, February 19, 2013

Daily update 2/19

The Dow closed above 14000 for the third time this month.  Will it stay there this time?  The other times it sold off the next day.  Here is daily SPX chart.

SPX has a blue bar on the daily chart indicating it is above its upper Bollinger band and is extended.  This is the first blue bar we have had since the initial surge at the beginning of the year.  Will there be a pullback this time or just keep going?  Lets zoom in to the SPY 195 minute chart.

The SPY chart also has a blue bar so it is extended on intraday basis as well. 

The Transports and the Rusell2000 also have blue bars.  Price is very extended and internals are weak.  Once upon a time the market would sell off in a condition like this.  However, the law of gravity has been temporarily suspended for the market, LOL.


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