Still Looking for a Rally Failure
Just about two months ago, in late May, I started showing intermediate-term indicators that were oversold. It seemed that each day saw was a new indicator moving toward an oversold condition. The market did not bottom and begin to rally until the first week of June, and that rally has been filled with fits and starts -- it has not been a smooth ride.
I thought it might be a good idea to check in on many of these indicators and see where they stand now. Let's begin with one of my favorites, the 30-day moving average of the advance-decline line. The good news is that it did make a higher high earlier this week; the bad news is it is reading as overbought. At this point I cannot say when it might reach an oversold reading again....441 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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