Saturday, August 22, 2009

End of Day Market Review 08/21/09

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

After the 1000 ET surge, the market did not move much. We did get a $TICK bullish divergence as the market tested the VWAP line.

The Volume Distrubution Profile formed a "P" shape, which sometime indicates that the market may correct to the downside.

I would expect the market to at least test the 1016 area as support.

The moving averages on the $TICK is indicating a bearish divergence.

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