Little Reason to Buy, Plenty for Concern

The market support we were looking for a week ago did develop, but very disappointingly so far. Although the rise last Tuesday was after a gap, and was quite large, the volume was lacking, which led, for the balance of the week, into sideways action with smaller trading ranges and unimpressive volume.

On the short-term chart, below, we see that the market has been halted well below the old highs in what appears to be a down-sloping channel. In the meantime, little has changed in the way of indicators. The Arms Index numbers are mildly overbought but the VIX reflects a high level of complacency. The light volume and small trading ranges indicate indecision and confusion. So, short term, there is little indication of direction at this time....251 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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