The Market
Technical
The indices (DJIA 12976, S&P 1372) drifted lower again yesterday, but remain well within their primary trends (1) short term trading ranges [12022-13302, 1266-1422] and (2) intermediate term uptrends [12081-17081, 1273-1853].
Volume rose; breadth continued weak. The VIX declined slightly but was still above the lower boundary of its intermediate term trading range (and the neckline of the developing head and shoulders formation).
GLD fell but remains above the lower boundary of its intermediate term trading range but below the most recent lower high.
Bottom line: the last couple of days of fractional moves down leaves the Averages in the upper quadrant of their short term trading ranges. Our Portfolios are not buyers in this zone. However, a further move up will focus our attention on possible Sell candidates.
Showing posts with label According to the latest National Federation of Independent Business index. Show all posts
Showing posts with label According to the latest National Federation of Independent Business index. Show all posts
Thursday, August 02, 2012
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