Interesting stuff in the market today. If you look at the chart for the day it basically opened WAY up and then spent the rest of the day selling off slowly. The day ended up basically at the close of last night. This is usually not a good sign since it couldn’t hold its’ gains.
A lot of people attribute this calm selling to POMO activity … basically controlling the selling instead of allowing a mass panic of selling that is typical in these times.
With that said, I run a number of different analysis to try and get under the hood of the overall market internals and those have been steadily getting stronger over the past few days … showing to me that healing is going on … a base is forming, and soon we will be able to move higher.
It is quite interesting because my gut tells me that we are tough times ahead in the coming month and the charts seem to indicate that, but the market internals are showing some strength that the charts are not showing as of yet … implying that we have more upside.
Oh well … time will tell … just thought I’d share my thoughts with you and bore you (I'm sure!!).
Hope all is well on your end of the world!