Dear Readers. Today 3 charts... Two pressure charts and one latestayers chart. QQQQ sell-pressure has plummeted, buy-pressure is high, but not extreme. SPX buy-pressure same as QQQQ, but sell pressure not as low. Simply put, QQQQ may need some push up to cause sellers to come in. It has been laggard lately, so it could jump up strongest short term.Do not expect blowup, just a hiccup. Please note that averagebuypressure ( cyan line) has curved up and that shows a intermediate term bearish outlook. To fortify the intermediate to longer outlook, Latestayers chart shows the "leaders" have created divergence with the market ( cyan line-latestayersaverage , lower high, red line-spx higher highs). This all points to a topping market. Good Trading.For a short term outlook, reread the Elliott count presented at yesterday's closing.
1 comment:
Few concepts here. Latestatyers are the, so called, leaders. That is the stocks that have shown Staying Power in the BUY category.Earlybreakers are the, so called, stocks in early phases of a Breakout, where Breakout is our proprietary term for certain strong behavior of the stock.
Post a Comment