Wrong about the markets pulling back one more day.
Wrong about AMZN reversing and closing green.
From extreme overbought to extreme oversold and back again. This kind of stuff shouldn’t be happening almost every other session, but it is.
Zweig Breadth Thrust pushed back up to 60.19 today, when 60 is the line in the sand. So this is showing overbought, though not like Monday.
4wk New High/Low Ratio has stayed in the 93’s for two days. It should have dropped yesterday, but didn’t. The current reading of 93.86 is showing overbought, though not as overbought as Monday.
Long legged doji’s for SPY, DIA, IWM meaning indecision. No problem yet, but a close below today’s low on any of these ETF’s tomorrow or Friday, and no more indecision.
$TRAN rose by only 16pts today. Often times before market pull backs, $TRAN will put in a series of small doji’s, like today’s. $TRAN needs to be watched closely for the rest of the week because it could be trying to tell us something..or not.
QQQ’s put in what looks like a Hanging Man candle today. Problem is it’s out of place and could instead be a Hammer, which would be bullish. I don’t really pay much attention to the Q’s because they always seem to go up, but I did notice something on the 60min chart that bears watching tomorrow.
You can see on the chart below that I have outlined what looks like a Bull Flag, but that today it morphed into what has the potential of being a Bear Flag. It will be pretty simple to tell. Either the Q’s will ride the new rising channel up to new highs in the next day or two, or the Q’s will drop out of the rising channel and head back to 56.21 and close there or lower. So watch this closely tomorrow.
Chart courtesy of FreeStockCharts.com
Just some things to be aware of and nothing may come of them. Whole lotta’ shakin’ going on and the $SPX up less than 4pts on the week. Probably see a 200-300pt rally tomorrow, but a paranoid trader never takes anything for granted.