The market is acting like it is trying to form a bottom. However, stocks that normally track the index fairly well like IBM and XOM are still trending down. Using the 8 spider sectors and the top 5 holdings of each spider, only 3 of the 40 are above their 9-period EMA - BA, MCD, AMGN.
We did get a bounce off of 1081 without a divergence signal. So far, the bullish bounce doesn't look too promising.
Charles
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