atm it's hard to call for LL short term since A/D line is still strong above zero, but the rest are already in red. so.....short term bearish bias to continue.
Here is the good old chart of AD.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
SPX.. lower low.. possible bullish falling wedge 5m.. holding 4 week trend barely.. breaks.. could see sharp down move.. AAPL /FB still holding up relatively.. biotech IBB weakening..
fehro wrote:SPX support holds.. still weakish bounce..
morning gap has high possibility to be filled in my book. a gap after new high without intraday sell-off. since tomorrow is fed minutes day, perhaps a lower high first.
3 push up, so hopefully a 2 legged pullback here. this is bear's last attempt, fail to make decisive new day low would mean game over.
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Comment and chart from JP Morgan, all strategy types of hedge funds, on a net basis have not covered individual shorts. Instead they have bought baskets (S&P etc) to bring their net exposure to zero. Helps to explain why the Russel took off, they bought the ETF and stayed short the stinkers. So to me that is more confirmation that they share my bias that this rally, like almost all fast and violent turns, is part of a bear market. If they thought otherwise I think they would have covered the shorts instead of buying portfolio protection.http://www.zerohedge.com/news/2016-04-0 ... se-emerges