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Breadth, Bottom Being Supported Here, Would Expect Some Up-Lift in Pricing

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Breadth, Bottom Being Supported Here, Would Expect Some Up-Lift in Pricing

So the bottom is holding so far at that 1400 ESz area.  Our trenders are bearish but we are eyeing a possible bounce to 1424.  We will watch the US Dollar and bonds for a hint at direction from the bottom, either lower or up.  We do not as of now think that the lows from the 9/14 highs are in, that does not make us less short-term bullish however.  News, news, news.

 

Our Zweig seems ok with the action here, I would say it is neutral.

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The Cumulative volume however remains bearish.   That tells us the largest volume remains in selling even if price action is holding.

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The 40 DPI seems to have found a bottom:

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and New Highs / New Lows are improving:

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The trenders remain bearish and so do we for the intermediate term but we are looking at a possible wind-up and pitch to the 1424 area.

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Posted-In: Trading Ideas

 

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