The market opened to the downside again today, but once again the dip buyers stepped in and took it back up. But once it got around the neutral line later in the morning session, it chopped around in a very tight range. Not very exciting action, but the market did close with modest gains.
I keep seeing media reports of a possible Greek agreement, but that's been the case now for some time. All talk, little action.
Here at home, the latest consumer credit numbers were released and it revealed a spike in consumer credit during December. That was more than double estimates.
Fed Chairman Bernanke provided testimony to the Senate Budget Committee today, but nothing notable was revealed by the Fed Chair.
Here's today's charts:
NAMO and NYMO remain in sell conditions.
NAHL and NYHL moved a bit higher today, but also remain on sells.
TRIN flipped to a sell, while TRINQ remained on a buy.
BPCOMPQ continues to track along that upper bollinger band and remains on a buy. This signal hasn't deviated much since late December.
So the Seven Sentinels are mixed again, but the system remains in a buy condition.
I have little to add tonight as market character remains unchanged. I do see bullish levels rising in some pockets however, and that may help set up the next down leg at some point if that trend continues.
I keep seeing media reports of a possible Greek agreement, but that's been the case now for some time. All talk, little action.
Here at home, the latest consumer credit numbers were released and it revealed a spike in consumer credit during December. That was more than double estimates.
Fed Chairman Bernanke provided testimony to the Senate Budget Committee today, but nothing notable was revealed by the Fed Chair.
Here's today's charts:
NAMO and NYMO remain in sell conditions.
NAHL and NYHL moved a bit higher today, but also remain on sells.
TRIN flipped to a sell, while TRINQ remained on a buy.
BPCOMPQ continues to track along that upper bollinger band and remains on a buy. This signal hasn't deviated much since late December.
So the Seven Sentinels are mixed again, but the system remains in a buy condition.
I have little to add tonight as market character remains unchanged. I do see bullish levels rising in some pockets however, and that may help set up the next down leg at some point if that trend continues.
