Tuesday, August 18, 2009

Morning Market Review 08/18/09

Yesterday had such a large ATR range that today may end up in a narrow range, which is the typical pattern.

In a bear cycle market, it is common for the market to test the previous day's low before reversing. Today, however, the market just could not get that low before reversing.

Both the NYSE Advance - Decline Line and TRIN are on the bullish side of their 10-day Moving Average.

Following the reversal, the market has found resistance at yesterday's day session high, and support at the VWAP Line.

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