Large volume today, the last time was on a decline, today another decline.
3C, a good reference point for a turning divergence is the rule of 3, 3 consecutive divergences and then a turn. That' basically what we saw here. I threw in Money Stream just to show the volume is definitely on the sell side. Again, today's action, besides being a POMO day is about expectations. How the market closes today, will largely be about whether investors feel disappointed in Bernanke's speech and and there was a lot of ambiguity there, or whether they feel business as usual will ramp up again. It will be more difficult with the financially heavy SP-500 to make headway against a back drop of bank troubles.
The dollar appears to be in a consolidation, I'd think the momentum seen this a.m. will keep up for at least today. The moving averages in the EUR/USD are now crossing down again.
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