The market managed to tack on some gains today with the S&P breaking 1,000 again. I am not convinced that the downward move is over. In fact, I think closing above 1,000 may be a hook for the bulls. I will say that the Seven Sentinels improved today, but we are still away from a buy.
To the charts:
$NAMO just did flash a buy today, and $NYHL also flashed a buy signal. $NYMO is very close to a buy, but $NAHL did not make up much ground and remains a solid sell.
Both $TRIN and $TRINQ are now showing a buy signal, but $BPCOMPQ is still on a sell.
So we have some improvement, but it will take more buying pressure to get the SS to issue a buy signal. I really don't think it's going to make it before we see more selling pressure. My guess is we see a lower low on this down leg first. We were due for a rally in here, and I expect the selling to resume before long.
To the charts:
$NAMO just did flash a buy today, and $NYHL also flashed a buy signal. $NYMO is very close to a buy, but $NAHL did not make up much ground and remains a solid sell.
Both $TRIN and $TRINQ are now showing a buy signal, but $BPCOMPQ is still on a sell.
So we have some improvement, but it will take more buying pressure to get the SS to issue a buy signal. I really don't think it's going to make it before we see more selling pressure. My guess is we see a lower low on this down leg first. We were due for a rally in here, and I expect the selling to resume before long.
