Zweig Panel: All indicators are pointing down.. We could rally from here or continue to oversold which would setup for the next rally. We are finally moving down and yesterday was a big step.
NYSE NHs:
Our 52 week new highs continue to weaken and move down. The NYSE is stronger than the Rut and Nasdaq which we also track, but weakness is weakness. To turn momentum around we need to beat yesterday’s new highs of 60, if you are in the room watch for the posts, if you are an email member who is following me: http://twitter.com/redliontrader then you will get updates. The decode for the posting is this:
Decode for the NYSE NHs Posts:
Sample:
10:30am NYSE NHS: 32 D1:-15% D5:-30%Means this would be a weak posting.. it means that as of 10:30 am there are 32 new 52 week highs on the NYSE of which is 15% below bar-1 (D1- yesterday) as of the same time and 30% below the 5 day average of new highs as of the same time. Two things to watch is if both numbers are negative or positive than the current trend is still in place. If mixed it means a possible turning developing. You should also watch post to post to see if the day is strengthening or weakening.
I published yesterday’s price action at the close of the day on the website http://pv.TTTHedge.com, if you want to review that.
Don’t forget to renew for 2010!
Happy Trading
-RLT
