Thursday, January 29, 2009

Morning Observations 01/29/09

The market this morning is staying in another tight range with support at 850. The first chart is the Smallest 10-Day Average Distance that the market travels from the 0930 ET open. In other words, any price travel within this range is unbiased, and just statistical noise. So far, the market has failed to travel beyond this average. The only interesting $TICK divergence occurred at 1115 ET as the European markets closed. The NYSE Advance - Decline Line also turned negative following correction phase. In summary, the market is slightly bearish on average volume with support currently at 850.

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