With indicators like the MCO radically oversold, and positively diverging from the readings on the October low we have a technical setup for a reversal. This may be the absolute bottom for the next decade, or it may be a dip along the way, but for the moment we should see a strong rally.
As I'm writing this, the premarket futures are positive. As long as the difference between the Advancing issues and the Declining issues remains within striking distance of reversible (Adv-Dec > -1000) then the rally should continue.
Update on the MCO
The MCO is within the striking distance needed to stage a reversal. We are not there yet but this needs to hold up throughout the day, especially considering that it is a Friday. If the A-D difference goes to a negative 2000, then all bets for a rally today go out the window. It's been hard to turn the market when the breadth gets that negative.
| Update @ 10:25AM adv 1835 dec 1545 A-D diff +290 <== holding the 10% -932.11 the 5% -697.62 the MCO -234.49 +83.81 | Update @ 12:08PM adv 1538 dec 2079 A-D diff -541 <== just barely the 10% -1015.21 the 5% -739.17 the MCO -276.04 | Update @ 12:58PM adv 1724 dec 1911 A-D diff -187 <== Improving the 10% -979.81 the 5% -721.47 the MCO -258.34 |
| Update @ 2:25PM adv 1385 dec 2303 A-D diff -918 <= iffy for rally the 10% -1052.91 the 5% -758.02 the MCO -294.89 | Update @ 3:08PM adv 1400 dec 2298 A-D diff -898 the 10% -1050.91 the 5% -757.02 the MCO -293.89 | Update @ 3:35PM adv 1770 dec 1928 A-D diff -158 <== GOING UP the 10% -976.91 the 5% -720.02 the MCO -256.89 |
| Update @3:48PM adv 1981 dec 1734 A-D diff 247 <== Positive the 10% -936.41 the 5% -699.77 the MCO -236.64 | Update @ 3:54PM adv 2178 dec 1545 A-D diff 633<== Stout the 10% -897.81 the 5% -680.47 the MCO -217.34 | Closing Figures adv 2380 dec 1384 A-D diff 996 <== nice the 10% -861.51 the 5% -662.32 the MCO -199.19 |
Click to enlarge
Click to enlarge
No comments:
Post a Comment