At 12:42 the advance decline statistics are noticeably negative, as follows
A-D diff -2722 <==
the 10% -365.71 <== still above -500
the 5% -134.87
the MCO -230.85 <== In the area where normally there is a bounce/reversal.
Further, the indexes are down now 6 days running, only in October (1-10) was there
a longer negative run of 8 days down.
All indicators are not confirming the retest of the previous low zones.
I've been watching the TICK and the 20 bar average on the 65 minute chart has
made new 4 month lows, lower than October or November. This leads me to believe
that the markets are seeing either the start of a new leg down OR the finishing up of
the current one. I believe the latter is the case.
If I'm seeing this correctly, we should reverse later in the day or tomorrow in the AM.
Original comment was on January 15, 2009 at 12:50:06 on WollieWorld