Monday, November 8, 2010

Advances and Declines

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We have second session in a row of side-way trading. If up-move on November 4, 2010 is a beginning of a new up-trend, then it should not be like that. The indexes are loosing their bullish momentum. So, there is other possibility that that up-move was just a short-lived swing.

The volume is down and it looks like the bulls are not dominant. Because of the side-way trading over the lat 2 trading session the money flow on intraday charts is undefined. However, advance/decline indicators are moving toward negative area and advance/decline volume on the DJI and S&P 500 is already in the negative area. because of that I would assume that there is a possibility that bears may take over and we may see some move down today by the end of the day or tomorrow at the market open. Yet, it could be too early to make any prediction for tomorrow's trading - we still may see some new indications.

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