Monday, October 22, 2007 10:32:09 PM
Breadth was showing positive divergences going into OE week and the OE Friday sell-off caused a few weekly breadth trading to lower supports. Before going into OE week, I noted that daily price actions were overbought and having a vst correction would be a good thing to resolve overbought condition and some negative divergences were showing on 60m price actions.
We now have seen a sharp correction on 10/19/07, a gift to bears as 20th anniversary of 1987?
As noted before, the positive divergences on weekly breadth will likely carry forward daily price actions, we could see that daily price actions resume the recent uptrend going into year end. Having said that, I would not think that we will see strong breadth actions going year-end as we are going into holiday season in Nov-Dec.
While we need to confirm today's reversal formation, it seems that the markets are poised to resume recent uptrend going into year-end.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23668003
Market Breadth is continuing to show strong momentum on daily/weekly/monthly DTL breakouts as shown below.
With moderate price actions during the OE week, the market breadth strength will sustain the uptrend.
~~~
SPX breadth is also showing positive divergences with strong internal momentum after making IT low. The initial strong upthrust momentum resolves in price action follow through.
$NYSI breadth is showing positive divergence as the internal strength is breaking above the DTL. The momentum is usually followed by price actions.
Nasdaq internals are also showing positive divergences that the momentum is broken above the DTL resistance.
Nasdaq internals are also showing positive divergences that the momentum is broken above the DTL resistance.
We now have seen a sharp correction on 10/19/07, a gift to bears as 20th anniversary of 1987?
As noted before, the positive divergences on weekly breadth will likely carry forward daily price actions, we could see that daily price actions resume the recent uptrend going into year end. Having said that, I would not think that we will see strong breadth actions going year-end as we are going into holiday season in Nov-Dec.
While we need to confirm today's reversal formation, it seems that the markets are poised to resume recent uptrend going into year-end.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23668003
Market Breadth is continuing to show strong momentum on daily/weekly/monthly DTL breakouts as shown below.
With moderate price actions during the OE week, the market breadth strength will sustain the uptrend.
~~~
SPX breadth is also showing positive divergences with strong internal momentum after making IT low. The initial strong upthrust momentum resolves in price action follow through.
$NYSI breadth is showing positive divergence as the internal strength is breaking above the DTL. The momentum is usually followed by price actions.
Nasdaq internals are also showing positive divergences that the momentum is broken above the DTL resistance.
Nasdaq internals are also showing positive divergences that the momentum is broken above the DTL resistance.
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