Market Internals 2011-08-23

By Lawrence

Before market open at the moment.

Tick16 Short Term overbought. Tick16 Long Term bullish.

3-Day Advance Issues oversold.

That continues pointing to a selloff that will define an important low.

Looking for Tick16 Short Term to correct itself in 2 possible ways – one is ES going sideway with big swings and lots of negative tick prints, or, a flush with lots of negative tick prints.

Potential bottom is within 2 to 3 days again. That puts the Fed chairman’s speech on Friday into radar and possible catalyst to form the bottom.

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Comments
  • Lawrence Chan August 25, 2011 at 1:08 am

    The oversold condition resulted in immediate rally of 2 days now.

    The oversold signal is now used up.

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