The selling continued early on today, but the bulls managed to turn it around to post moderate gains by the close. But it didn't change the trend. It's only a bounce to this point.
The technical indicators did not change that much. Breadth remains negative, though it did turn up. TRINQ is bullish this evening.
The CBOE looks bullish, while the OEX is neutral. NAAIM got more bearish, but remains neutral. It appears the bears among them got more short, while the bulls are holding tight to long positions. This tells me volatility will continue.
I don't think the market falls apart at this time, but that doesn't mean we can't probe lower. I also don't think an extended rally is in the cards either.
Bookmarks