Market Overview

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


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.


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


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.


Our trenders both remain bearish:



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


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