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.
The Cumulative volume however remains bearish. That tells us the largest volume remains in selling even if price action is holding.
The 40 DPI seems to have found a bottom:
and New Highs / New Lows are improving:
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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