Wednesday, April 8, 2009

04.08.09 - Second Verse, Same as the First?

After a slightly lower-low in the premarket, today's range looks just like yesterday's. However, internals are marginally more positive and as long as we hold above the rising VWAP, perhaps we'll see a test of that declining (intraday) five-day moving average. Just now it looks like R1 on the SPY will be challenged once again... third time's the charm?

Yesterday I received a comment asking what I mean when I reference "internals" -- these two posts should help:

o Market Rewind: Anatomy of a Day
o Market Rewind: Trading Tick & AD Line Convergence

Update: VIX breaks under 40 yet market advance halted at the declining five-day moving average.

[FOMC Meeting Minutes]

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