Wednesday, July 15, 2009

07.15.09 - Power Move

The Advance - Decline line has been pegged over 4,000 stocks, nearly the entire universe of US stocks, for the entire day. Tick has only printed near zero a handful of times with Cumulative Tick powering ahead alongside Up Volume. Interestingly, the VIX, while lower on the day, has been up trending with price as Supply & Demand for protection and repositioning affects premium. After breaking well above the prior resistance channel from the get go, technicians will next look to the prior shoulder peaks near SPY $93 as potential resistance. That is just about a quarter above as of this writing.

No comments: