Alert NYSE MCO had smallchgs Today. This is the second day in a row that NYSE MCO had a smallchg. NAS MCO did not have a qualifying smallchg but it was only a change of 6 points.
============================================== I would therefore normally expect Major Moves in the Indices Friday or Monday.
It is interesting to reflect that today we got TWO actions identified by the MCO charts. 1) the smallchgs signal from Wednesday Alerted us to the Indices making Major Moves during the day, and 2) the close proximity of the MCO's being near the top of their environments, alerted us to their probably Closing near Flat, which they did.
Regard direction for tomorrow, we will need to wait and see. Altho we are still near to the MCO's upper extremities, I think Friday will be a tough call, it could end Flat, or go either way, up or dn in a Major Move.
There appears to be pressure to go up, but the Advance/Declines are coming down, see the charts URL below. There is, however, a strange hook in NYAD between yesterday and today, there could be a quick turn up... this could take us toward the maximum for the MCO's.
============================================= Looking at MCO charts, you can see the MCO's are still stuck nearly at their possible maximum. It is still feasible for them to allow a bit of Up at Close. But the most probable action without catalyst, is for them to close Flat. With catalyst they could go either direction. Lots of room for down action.
It should be noted that NYSE MCO now has had 3 Closes in a row with smallchgs, thus NYSE MCO is in an overhead rut with no catalyst to send it down for more breathing room. In the past few days, Indices are receiving influence from Short covering and low volume upward pressure have kept the wind blowing North whenever a South wind has arisen. Same is true for Nasdaq MCO which has had another smallchg today, after a near qualifying smallchg yesterday and a smallchg the day before.
It should be noted that OEX SPX and NAS had intra-day MajorMoves.
Volume must pick up for anything significant to happen. I see nothing big coming next week on the Economic Calendar. No FOMC meeting next week. Next week will have more Earnings reports, and preparation for Options week which comes the following week. So if the volume stays lite, the mice will play. These can be Shorters, Long moves, or ??
As I see it the Indices will move more like they did the last three days. Staying in this up top rut, until something breaks it down. This is fun for day traders, but slow for holders.
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