Thread: tsptalk's Market Talk

I guess the market just wanted to see that negative GDP before rallying?

Reminder...

A close above yesterday's high in the S-fund would create a positive outside reversal day on the chart. We haven't see one of them in a long time - at least I don't see one.

Apple and Amazon report after the bell. Big test for today's rally.

Originally Posted by tsptalk

Apple and Amazon report after the bell. Big test for today's rally.

Amazon flopped. Apples guidance for next quarter not great.


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Earnings issues, GDP, inflation, interest rate hikes, and stocks are down? What a shock, but clearly this chart is near a make or break area. These consolidations after a pullback have been breaking to the upside for the most part, but depending on the slope of the consolidation, it could turn into a bear flag, which would tend to break down like the one earlier this month.



Small caps are holding up better after Thursday's positive outside reversal day. I would have expected a positive day today on this chart but perhaps there's too many obstacles. The day's not over, though.

Interesting. Breadth is quite negative for number of stocks up v. down, but volume breadth is basically flat.

It turned a bit more lopsided after the 2:00PM washout when the bots joined the party. Looks like the retest failed today, at least in Nasdaq it did.

NYSE.JPG

NYSE on left, Nasdaq on right.

compq.JPG

Just a bit.

If not for the morning "strength" in volume breadth, we might have had one of those 9 to 1 down days, which the market may need to reach a low.

New high for the 10-year yield and it just barely missed hitting 3% at its high. The dollar moved up this morning, but it looks like it pulled back after filling in Friday's open gap.

The put / call ratios are finally show some fear again, although not nearly at the COVID panic levels.