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Market On “Pause” February 23, 2019

Posted by Tom in Thoughts.
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Feb 22, 2019 – A quick look at the chart below shows what’s been going on for the past week and a half . . . . narrow range bars not really going “anywhere” very fast.  Generally narrow bars indicate that buying and selling are about equal; little momentum in either direction.  This can be the start of a pause or worse yet, Distribution where “sellers” are liquidating into the willing public (buyers).

For now we can only assume a temporary pause in this market because volume remains near the 20 day “average” level.  If volume was higher, I’d lean toward the Distribution theory.  Other that that, the chart indicators continue to show “Bullish” readings.  A break decisively above this 7486 level would confirm bullishness, but there is always a possibility of a breakdown to the 6931 level IF we get some bad news.  And . .  news seems to be a big factor in this mature market.

We are seeing some rotation in the sector tables.  The current short term one is below.

Not much else to say as we continue in a generally positive way.  Have a good week.   …  Tom  …

Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.

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