Mike
04-05-2013, 04:28 PM
The market had a nice late hammer recovery but the NASDAQ distribution day brings us to 6 on the NASDAQ, a full count. We had two market sell signals today, S12 close below a marked low (low of 3/19) and the S4 full distribution sell signal. This brings the exposure count to 0. With a full distribution count and zero exposure we turn the buy switch off and begin looking for a new rally. This market timing is okay by me as I am taking next week off with a driving trip to New Mexico. Today with the close in the upper part of the range qualifies as a day-1 rally attempt, the earliest follow-through day is day 4 rally count or next Wednesday. Once in a blue moon we get day-3 follow-through days if all three days make big moves up.
I don't have a clue what IBD will do, whether they will stay with market under pressure or go to correction. I am sure they are meeting on this topic right now. Either action would be reasonable. The S&P doesn't look so bad, it is still above the 21-day ema and the Dow is saying "problem?, what problem?"
I don't have a clue what IBD will do, whether they will stay with market under pressure or go to correction. I am sure they are meeting on this topic right now. Either action would be reasonable. The S&P doesn't look so bad, it is still above the 21-day ema and the Dow is saying "problem?, what problem?"