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Weakness but Not Much Selling March 13, 2015

Posted by Tom in Thoughts.
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This week the rise of the US dollar was blamed for everything from the lower oil prices to lower corporate profits to (maybe) deflation.  The list goes on and on.  Taking a look at the chart below, prices gapped down below 4905, with the next support level at around 4810.

NASDAQMoney Flow continued lower, though still rather neutral, and Market Sentiment remained neutral.  I labeled the recent price peak as an Up Thrust (ut), though I don’t see signs of Distribution.  At this point it just looks like lack of demand with little selling going on.  These are characteristics of a trading range, so it looks like we’re back to that for the time being.

IF prices break below 4810 we will likely see serious selling so let’s keep an eye on that.  Right now volume is pretty average, no ominous signs as of yet.  The two big sectors showing strength are Biotech and Semiconductors, though not every stock in those sectors is doing well.  Buying is rather selective in nature.  Much of the Emerging Markets are getting hit, especially Brazil and China.  The bell weather stock Apple had a bad week this week, and that’s unusual, especially after a big product announcement.  A sign of weakness / lack of demand of this market.

Not much else right now.  have a god week.           …………  Tom  …………….

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