_______
MARKET WRAP UP 08/10/10
To almost no one’s surprise, “Fed Day” comprised of some nasty intraday swings, yet did very little in terms of clarifying the next big market move. Despite the morning selloff down to 1111, the S&P 500 managed a post-Fed announcement rally to finish down 0.60% to 1121. More importantly, the pattern of higher highs and higher lows since July 1st remains in tact, despite the choppy price action. However, breadth was weak, as healthcare and consumer staples were the only major sectors in the green, indicating the overall lack of willingness of traders to aggressively trade the Fed Day with conviction. Volume was also predictably heavier than yesterday, as the news driven day was the genesis for the wild price swings.
With eight closes in the red over the past eleven trading sessions, the broad market indecision continues. One would think that the bears should have been able to at least break and hold below 1100, given all of the red days of late. However, the bulls have proved resilient, as evidenced by the still intact uptrend on the updated and annotated daily chart of the S&P 500, seen below.
_______
________
Updating a few of my broad market “tells,” I see some more consolidation before $GS, $FCX and $IBM can move higher.
________
_________
_______
_______
The summer doldrums have no shame this year. Eventually, we will get a market that is more fun and easier to trade. Until that happens, equities remain stuck in the middle with you.
_______
[youtube:http://www.youtube.com/watch?v=kPgFnRdTcKE 450 300]_______
(Warning–Violent)
[youtube:http://www.youtube.com/watch?v=LLTqecGbdCc&feature=related 450 300]
I had this movie “new release” on the shelf at my video store (R.I.P.) YEARS BACK….NEVER HEARD OF IT…Was playing in store to shocked customers…lol
The good old days…
Guess I want to see what happens overseas before deciding to ‘throw in”….still say China drives
Thanks for the feedback.
Intact, not in tact.
Thanks, Captain.
“One would think that the bears should have been able to at least break and hold below 1100, given all of the red days of late.”
We could also make the case that the bulls should have been able to at least break 1130 by now and were given many opportunities.
Trend’s up until it ain’t– I just want some movement!
I agree that the longer we probe the support trend line, the weaker the bulls become.