Market Overview

Breadth Has a Bearish Follow-Through, but Bounce Time is at Hand

Share:

We are now officially on the side of the bear.  With the break of price and breadth, it looks like the bears have the market in their hands and that price needs to consolidate lower.

The Zweig index is actually not too bad here.  A hold today and a bounce up could leave us with a false breakdown alert.

image

The CVI is showing  the weakness that has us aligned with the bears:

image

We should have a decent bounce today on the NHs/NLs.  The next two days will us have watching the NH/NL closely.   Back into the 80s and we might be into something more than a snapback.

image

Our trenders both remain bearish:

image

image

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Trading Ideas

 

Related Articles

View Comments and Join the Discussion!

Which Way Wednesday – Is the Appleconomy Over?

Asia Closing: China PMI Slowing Selling Momentum.