Friday, August 29, 2008

08.29.08 - Burning Off Overbought

VWAP is heading steadily south as we work off short-term overbought conditions. Oil up 1.66% and the looming long weekend are also playing their part. By the same token, the Advance-Decline line is flattening and Adjusted Tick is only midly negative at this point as the SPY just now touches S1 ($128.8).

S1 held, but watch closely how price behaves as we approach the falling Volume Weighted Pricing levels.

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