Market Internals 2012-06-17By on 2012 Jun 17 Sun 8:28:29
The market internal updates is turning into a monthly update …
First I was told that I need to post the chart here so that there is a reference to what I am talking about. So here it is the current snapshot of 3-Day Advance Issues, Tick16 Short Term + Long Term as of 2012 Jun 15 Close.
1. 3-Day Advance Issues is having a divergence sell setup as S&P is pushing a higher high while the indicator is not
2. Tick16 ST is very overbought
3. Tick16 LT back above neutral zone
#1 and #2 tell us that a pullback is due within a week for about a week to 2 weeks
#3 tells us that first pullback is a buy
So, once the 3-Day Advance or Tick16 ST going back down to their respective oversold levels, S&P should get another push higher
Let me know if you like this new format.