Please note yesterday's Market Internals where we saw a nearly ten percent increase in NYSE volume pick-up. Today into the highs, and above the Value Area High, a marked 8.62% decrease on the NYSE and 12.28% drop on the Nasdaq in Overall Volume. Short covering rallies weaken market internals, not strengthen them. All we are seeing at these highs is more short covering. The market has been oscillating from overextended to the short side to overextended to the long side for the better part of ten days. This is indicative of short term traders controlling the price action.
No comments:
Post a Comment