Range Bound August 19, 2018
Posted by Tom in Thoughts.Tags: market analysis, stock market commentary, technical analysis, Wyckoff
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Aug. 17, 2018 – A quick look at the chart below shows why this market is range bound; i.e. bouncing between high & low price levels. Note the “short term” trend channel and the support and resistance price levels are nearly the same.
This market is looking for a reason to go up or down, but can’t find the follow through to break out of this range; at least not yet. Echoing that idea is the rather low volume . . . not much commitment in either direction.
Looking at the top performing sectors (below) we really don’t see the typical leadership; that being Finance or Tech or Energy. So the major sectors are on vacation too.
Looking at the percent of stocks in the broad S&P 1500 Index and their status we note it being fairly even without much bias in either the Bullish or Bearish direction:
Price Strength –
Stocks in Accumulation or Distribution –
So, overall not much to dwell on for now. The old saying “Never short a dull market” may have some validity here because this appears to be more of a pause. Keep an eye on these levels and watch for volume confirming any directional change.
That’s about it for this week. Take Care. ………. Tom ………..
Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.
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