Tuesday, August 18, 2009

08.18.09 - Minor Recovery Attempt

The market is making a minor recovery attempt against yesterday's highly oversold readings. Internals are well aligned to the upside and all of our sentiment ratios are firing green. This price action brings the SPY right up to its twenty-day moving average. However, tomorrow will be the real test for resiliency, in my opinion, with momentum indicators having recently rolled over.

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