Buy and Sell Signals, Market Analysis, Money Flow, True Strength

Michael Pitre Author is a PRO memberHas Had Over 50 Followers Rank: 23 Followers: 64 Votes: 96 Years Member: 9 Last Update: 31 July 2014, 19:15 Categories: Market Timing
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Thursday PM....The market fell hard today breaking
through a lot of support levels. Argentina looks like
a part of the reason as it was deemed to be in default
on their debt. But this has been coming for a while
as I have been pointing out the lack of underlying
strength in the market. The leaders have now fallen
and so the onus is on the bulls. Odds were and now are
even higher that we will see more selling. The
market was not impressed with the GDP number yesterday
and probably rightly so. A lot of it was due to inventory
and it is sure to be adjusted in the future. Meanwhile interest
rates spiked higher and this hurt the market. Secondly, I am not sure
if the market won't start moving down in spite of comments
by the Fed. In other words, the market needs a correction
to take out the bullishness. So time for extreme caution
even though there will be some sort of bounce coming soon. The
market can still react and will react to news so let's see
what the jobs report tells us tomorrow. I will be out of
pocket for a few days so I won't be able to update until
next week.

Thursday Late Morning....Market Breadth has been
running very weak with not much leadership in the
market and this has now starting to negatively impact
prices. I have been warning about this situation. It
got worse just recently as the NYSE started to see more
breadth deterioration. See my post yesterday at my site
on this. Now it will probably take the market a while to
recover and most likely RSI will need to drop down to
the oversold level on the daily chart..we'll see. More late.

Less

! SPX triple Moving Averages

!!

!!

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!! SPX 2 Hour

!!! VTI

$SPX - Daily Candlesticks, 2500

0 Energy Select Sector SPDR (XLE)

0 FDL - Daily Candlesticks, 900

0 Global X SuperDividend US ETF (DIV)

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