View attachment 14382
There was a big headline in the news today, but it had nothing to do with the markets. As a result the action was choppy and listless as traders chose to take a break after last week's huge rally.
Here's the charts:
A modest dip in NAMO and NYMO today, but both remain on buys.
NAHL and NYHL also remain on buys.
TRIN and TRINQ both spiked above the neutral line and now suggest a modestly oversold market. Nothing particularly actionable though.
BPCOMPQ rose a bit more and stayed well above that upper bollinger band.
So with the exception of TRIN and TRINQ all signals remain in a buy condition, which keeps the system in a buy condition.
I don't have much to add, but I do think the market is looking for another catalyst. We could move higher in the short term, but this market is so overdone that I would imagine some selling pressure will present itself before the end of next week. But that's just a hunch at this point based largely on the extreme levels NAMO and NYMO. And I'd only give that outcome a 50/50 chance at the moment, so it's not a given by any means.
There was a big headline in the news today, but it had nothing to do with the markets. As a result the action was choppy and listless as traders chose to take a break after last week's huge rally.
Here's the charts:
A modest dip in NAMO and NYMO today, but both remain on buys.
NAHL and NYHL also remain on buys.
TRIN and TRINQ both spiked above the neutral line and now suggest a modestly oversold market. Nothing particularly actionable though.
BPCOMPQ rose a bit more and stayed well above that upper bollinger band.
So with the exception of TRIN and TRINQ all signals remain in a buy condition, which keeps the system in a buy condition.
I don't have much to add, but I do think the market is looking for another catalyst. We could move higher in the short term, but this market is so overdone that I would imagine some selling pressure will present itself before the end of next week. But that's just a hunch at this point based largely on the extreme levels NAMO and NYMO. And I'd only give that outcome a 50/50 chance at the moment, so it's not a given by any means.
