Market Internals 2011-08-23
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.