A Jumble of Indicators
I have been discussing the upcoming overbought reading for a few days now. While I do not want to belabor that point, I do want to be sure we're all aware that the market is set to reach the maximum-overbought level Friday, according to my oscillator. The Nasdaq Momentum Indicator, meanwhile, indicates that index will reflect an overbought condition by Thursday. Do not take these as perfectly timed conjectures; rather, take them as an area that points to late this week -- one that about coincides with the European Union summit, which is set for Friday.
The market saw even more cross-currents Tuesday as it chopped about at resistance once again. The index put/call ratio chimed in at 92%, and typically a reading under 100% implies a down day is coming very shortly. The last time we saw this indicator come in under 100% was Nov. 18, or the Friday before Thanksgiving week -- which, I would remind everyone, wasn't great to the stock market....396 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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