Motion Without Progress

Recently we have had quite large down moves in markets in response to international events, and then, almost immediately, a shrugging off of the news and a rally that regains the loss. This market ambivalence is giving us the appearance of a checkerboard pattern on the Arms Candlevolume charts of the averages. That is, we are seeing an alternation of black up days and red down days with no real progress in either direction. 

Coming as it does after a move to new highs, this suggests there is a great deal of resistance to any further advance. At the end of last week, the Dow was making marginal new highs, but the S&P 500 refused to do the same, the Nasdaq was staying well below the prior highs, and the Russell 2000 was continuing to be far weaker than the others. This lack of confirmation by the secondary stocks is a warning that all may not be well in the technical picture. We have a few leaders but a lack of followers....286 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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