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probably the current support won't hold, the next support is the long blue line below. overall, it's just a pullback, doesn't look like the end of the world.
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GM,
BP are down today (BPINDU and BPENERGY down big). Maybe a consolidation is in the card. http://stockcharts.com/freecharts/candl ... BPENER|C|0 (credit master : uempel)
To keep in mind :
Wedneday : OPEC meeting
Friday : NFPs
Week-end : important vote in Italy (MIB is down 20% YTD and italian banks nearly 50%).
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However if you use !ADLINENYC which is the AD line for all NYSE COMMON STOCKS ONLY, there is confirmation, not divergence.
!ADLINENYC eliminates the preferred stocks and bond-related ETFs and other issues on the NYSE that are not common stocks, and may offer a better picture of the AD.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.