The S&P 500 (SPX) is sitting on support around 930, but below the 200 day EMA (green line). Despite some days consolidating in this range, SPX is still overbought. Volume is also dropping off rather quickly.
Primary Market Total Volume (NYTV) is generally declining, even as the market rallies. The volume decline has now really started to accelerate. It would appear that the market is now rising on fumes... an example of which would be yesterday's late day jam job. These are done on low volume and are all about fixing a closing price.
Yesterday's candle is definite sign of indecision and is the fourth consecutive failure to close above the 200 day EMA. Until the Non-Farm Friday opening print high of 951 is cleared, it looks like this monstrous rally may finally be running out of steam.
Primary Market Total Volume (NYTV) is generally declining, even as the market rallies. The volume decline has now really started to accelerate. It would appear that the market is now rising on fumes... an example of which would be yesterday's late day jam job. These are done on low volume and are all about fixing a closing price.
Yesterday's candle is definite sign of indecision and is the fourth consecutive failure to close above the 200 day EMA. Until the Non-Farm Friday opening print high of 951 is cleared, it looks like this monstrous rally may finally be running out of steam.
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1 comments:
Dr. Bernankestein keeps jolting the market to keep it alive. "More powwwer!" ... Cue the organ music!!
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