Today the McClellan Summation Index,
an Intermediate measure of Breadth/Volume on the NYSE
gave a BUY Signal, going Positive, for the first time since
Oct.5,2018 with a reading of 77.26.
Technically that confirms a strong Breadth/Volume BUY Signal on the stock market
as measured from the 2940 All Time High, on Sept.21,2018 to the Dec.26,2018 Low of 2346
This is a very powerful market advance, and can be confirmed by anyone trying to short it's advance.
Bears on the market have been nauseated by realized/ or paper declines in their trading accounts,
that shows no signs of ending. Psychologically the damage can also be very real, and the desire to capitulate now is genuine.
This compelling reversal of fortune in the stock market was confirmed this week
with stocks breaking out above their 50 Day Moving Average at S+P 2625,
bringing strong new money, back into the stock market.
There is still much ground to recover above though as more formidable resistance
can be found at the 200 Day Moving Average at 2741
The market pulse seems to be powerfully found in it's relentless "push" back up in price.
Rate of Change ROC shows that the market has had 2 recent very strong BUY thrusts
the first on Dec.26,2018 with the 10 X 1 Upside/ Downside Volume ( Zweig Thrust Buy Signal),
and the second confirming buy signal, in early January 2019. ( As Shown on Indicator Chart)
One more immediate advance, even a "melt up "
the ultimate capitulation event cannot be ruled at this point.
Bears on the market are probably having a very restless Martin Luther King weekend.
The markets profound "Change of Character", has had the surprise factor of perhaps 9.
it's advance shows that whatever profound fear their was in the market in late 2018,
has been replaced by new found, technically substantiated commitment of dollars into the market.
Investors /traders sensing a turn in the tide, are in no hurry whatsoever,
to give up their bullish positions, forcing new money that enters the market each day,
to pay up for the privilege.
Short Term Trend: Decidedly Bullish
Short Term Resistance : 2700, and then the 200 Day Moving Average at 2741
Short Term Support : 2650-2625
SPX Last 2670.71
THE_UNWIND
1/19/19
NEW YORK
Note:
These are my own short term market observations,
and this evaluation is a short term evaluation of trend.
It is not ever to be considered trading advise of any kind.
Do your own homework Reach the goals that you set for yourself.
Comments/Questions Welcomed.
an Intermediate measure of Breadth/Volume on the NYSE
gave a BUY Signal, going Positive, for the first time since
Oct.5,2018 with a reading of 77.26.
Technically that confirms a strong Breadth/Volume BUY Signal on the stock market
as measured from the 2940 All Time High, on Sept.21,2018 to the Dec.26,2018 Low of 2346
This is a very powerful market advance, and can be confirmed by anyone trying to short it's advance.
Bears on the market have been nauseated by realized/ or paper declines in their trading accounts,
that shows no signs of ending. Psychologically the damage can also be very real, and the desire to capitulate now is genuine.
This compelling reversal of fortune in the stock market was confirmed this week
with stocks breaking out above their 50 Day Moving Average at S+P 2625,
bringing strong new money, back into the stock market.
There is still much ground to recover above though as more formidable resistance
can be found at the 200 Day Moving Average at 2741
The market pulse seems to be powerfully found in it's relentless "push" back up in price.
Rate of Change ROC shows that the market has had 2 recent very strong BUY thrusts
the first on Dec.26,2018 with the 10 X 1 Upside/ Downside Volume ( Zweig Thrust Buy Signal),
and the second confirming buy signal, in early January 2019. ( As Shown on Indicator Chart)
One more immediate advance, even a "melt up "
the ultimate capitulation event cannot be ruled at this point.
Bears on the market are probably having a very restless Martin Luther King weekend.
The markets profound "Change of Character", has had the surprise factor of perhaps 9.
it's advance shows that whatever profound fear their was in the market in late 2018,
has been replaced by new found, technically substantiated commitment of dollars into the market.
Investors /traders sensing a turn in the tide, are in no hurry whatsoever,
to give up their bullish positions, forcing new money that enters the market each day,
to pay up for the privilege.
Short Term Trend: Decidedly Bullish
Short Term Resistance : 2700, and then the 200 Day Moving Average at 2741
Short Term Support : 2650-2625
SPX Last 2670.71
THE_UNWIND
1/19/19
NEW YORK
Note:
These are my own short term market observations,
and this evaluation is a short term evaluation of trend.
It is not ever to be considered trading advise of any kind.
Do your own homework Reach the goals that you set for yourself.
Comments/Questions Welcomed.
and the stock market as a whole has not changed,
despite the recent short term bullish reversal.
I am still Bearish in overall belief,
with Intermediate Resistance at S+P 2820,
and Long Term Resistance at S+P 2940
I shall make that point clearer, with my short term updates going forward.
THE_UNWIND
I am attempting to write about short term price movement in the market,
with my new Daily" Market Update",a point I will continue to make going forward,
Thank you.