$TRAN is back where it was on January 30th & 31st. In the 60min time frame, the 13EMA crossed down through the 34EMA today, though it’s only by one tick so I think it’s a little early to be calling this a sell signal. Still, this key and very important index will need to be watched closely tomorrow and the rest of the week because it may be trying to tell us something.
$TRIN closed at 1.31 with $NYA up nearly 22pts so someone was selling at the close and doing so in a stealthy kind of way. This is stealth distribution but we will need 2-3 more such instances over the next 5-6 days before this becomes a concern.
$NYSI added 29 issues today after adding 34 yesterday in what could be a sign of fatigue. It’s important to note that this same kind of thing was happening on January 30th and 31st when $SPX was 35pts lower but it’s also important to be aware of these kinds of readings with the $NYSI at 1299.
$BPSPX pushed to 83 today and could make it to 85% by Friday, unless, of course, the markets fall off a cliff in the meantime.
P/C Ratio at .72 so everyone has moved to one side of the ship, again. This may dampen tomorrow’s action, or famous last words.
Daily chart of $SPX and the biggest concern for me remains the RSI, which is now just below 74. IMHO, anyone entering the market now with an RSI this high is just asking for trouble. And, of course, the market is all about making fools of those who say things like that.
Have you been keeping track of the number of times the markets have rallied on Greek debt developments? At least 100 times, right?