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Wednesday, April 24, 2013

Daily update 4/24

That was a snooze fest.  SPX ended the day up .01.  Here is the daily chart.

Today was a true doji day as SPY also has one.  That signals indecision at this price level.  One thing odd about today is that despite very strong NYSE tick readings the market did not make any upward progress.  That suggests resistance here was strong today.  We will have to see if that will last or not.  The volume increased today over yesterday and since the market was at a standstill that is slightly bearish.  We did not move up because there were active sellers, not because of a lack of buying interest.  Moving on to the SSO 195 minute chart.

SSO still has not had a bar close above the bar that flipped the bias back to up.  Both of today's candles have upper tails suggesting the bulls tried to push price, but were turned back.  Yet another indication of active sellers at this level.

One thing very odd thing is the Nova/Ursa ratio chart from yesterday.


Despite the three day rally this indicator did not cross back above zero.  With the market flat, I kind of doubt it will have done it today.  So far this bounce from the 50 SMA seems weak.  Will it pick up some steam or roll over?  If it rolls over without a positive crossover it could be a pretty big negative.  We will just have to see what happens over the next few days.

Chart practice has been updated with CTSH the stock today.  That is one wicked sell off.


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