Monday, April 23, 2007

Daily Equity Market Comment

The negative close today across the board is a bearish sign short to intermediate term for equities. Although The only confirmation I have gotten so far that at least a short term correction has begun is from the Hourly work, the daily work continues to break down.

Notice that the short term model went to a zero today and this after such a strong rally over the last 7 trading sessions. Of course this market has been quite immune to the negative divergences so far, therefore a stronger confirmation than just the hourly work is needed.




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