jump to navigation

Still In a Range February 19, 2016

Posted by Tom in Thoughts.
Tags: , ,
trackback

This week we got an encouraging sign, that red downward sloping trend line was broken to the up side.  Step two will be a closing price breakout above the previous swing high; 4565 for sure, but preferably 4580.  Lastly I’d like to see volume increase on those upward bars and Market Sentiment improve.  Encouraging, but we’re not there yet.

NASDAQ

I note that volume last week was dropping off, Money Flow was weak and Market Sentiment neutral.  All in all this rally looks more like short covering and may not follow through next week.

Sectors

Top sectors are listed in the table above along with their Accumulation / Distribution letter ranks.  I don’t see much leadership in Tech or Finance here and that’s a little concerning.  My holdings are few (mostly defensive) and cash is high.  One must be prepared for a breakout either way and it will likely be swift.  Keep your powder dry for now; not much else to say.  Have a good week.       ……….  Tom  ………..

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: