Thursday, August 20, 2009

End of Day Market Review 08/20/09

Its not well formed, but I guess that we can call this a balanced day. The market has stayed below Wednesday's and Thursday's Point-of-Control, which is acting as resistance.

Both the NYSE Advance - Decline Line and TRIN stayed on the bullish side of their 10-day moving average.

The $TICK breadth indicator is still confirming the up move in the broader market.

We always need a devil's advocate. The Discretionary / Staples Ratio is not making new highs, which indicates that the market is not necessarily dumping safe Staples stocks for the more risky Discretionary stocks. This is a slight negative.


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