Market Breadth Data******************************

Wednesday, May 20, 2015

$QQQ Picture of Indecision DJIA/DJT

The Qs painted a doji, the picture of indecision among Japanese candlesticks. The close was right in the middle of the short channel, and just above angle support and the trailing stop-loss level. All this was accompanied by weakening momentum.

So far, this is shaping up as a rolling correction (during which market internals readjust but price remains in a trading range). Should support get broken, however, things can get ugly quickly:











On a side note, it was a bad day for the transports, which made a new low:


while the industrials are struggling to keep the uptrend alive.




at

Terms of Use

All rights reserved by the author. The material contained herein is original content and is the sole property of the author. Any commercial use or reproduction - either in part or whole - is strictly forbidden without the author's prior consent.

Disclaimer: The information provided here is for educational purposes only and does not constitute trading advice nor an invitation to buy or sell securities. The views are the personal views of the author. Before acting on any of the ideas expressed, the reader should seek professional advice to determine the suitability in view of his or her personal circumstances.