In the first two-hours of trading, we did get an above average volume in a slightly down market.
As the market was continuing the downtrend following a 38% correction and test of the low in the first 30-minutes, the $TICK was giving mixed signals as to the strength of the downward move. The $TICK also refused to make a lower low. However, the market was able to make a new low in the last 30-minutes of European trading, but only by a point and a half. The market now awaits the FOMC meeting minutes this afternoon.
Additionally, the market did close the open gap, but could not trade below the overnight low.
As the market made new lows, the Advance - Decline Lines refused to follow.
The VIX, however, was making new highs.
Overall, mixed signals developing into a relatively narrow range market for this morning, but slightly bearish as short-term traders take profits.
Charles
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