Closing Stats

I'll keep this brief and please keep my 2nd to last post in mind, "A different perspective".

Today I was nearly sure that we'd see a dominant Price/Volume relationship. Interestingly, the SPY, DIA and QQQ all closed up on higher volume, but the S&P-500, the DOW-30 and NASDAQ 100 closed up on lower volume.

For all NYSE stocks, Close Up/Volume Down was the dominant theme and when I say dominant,  don't mean it was the highest, but rather t shows dominance, it is significantly higher then the other 3 relationships. The Dow-30 had the same dominance, but the Russell 2000, the S&P-500 and the NASDAQ 100 had no dominant theme.

The most important perhaps is the NYSE components as it is the broadest measure.

Today I have a different take on the dominant P/V relationship, we've had 3 days of solid advances and broken resistance, the fat this market hasn't moved to a strong, bullish theme like Close Up/Volume Up is telling us something about the internal action of the market, it's bearish. This theme could be excused a few days ago when no one took a break of resistance seriously, but now that we have it, the market hasn't turned to bullish internals.

This all actually works out well with the idea of the bounce, which was to be able to short into price strength, we don't want market strength. So the internals as far as the P/V relationships are actually looking pretty good for us.

That's the short of it.