Friday, January 21, 2005

Another down day for the market!

After close analysis:

Was out all day so didn't trade. Overall this week has been very positive with no losing days. Volatility on AB certainly helped.

Market breadth was positive early in the day and then bo the downside in the afternoon. Interestingly, VOLD, ADD, and ADDQ all opened higher than previous day's levels and closed with higher lows. Monday should signal whether this might mean a reversal of some sort to the upside. VOLD low -469.

Futures were cnsld below emas in the morning. Except AB, which had a mini-rally above its ema and stayed on top of it till it broke down in the afternoon. AB held previous day's levels for most of the day. 6bar bo setup and it gave around 28ticks. NQ, ES consolidated for most of the morning then bo with AB.

Indices were -ve as well. DOW had a consolidation pattern combined with yesterday's close which boed later in the day with futs.

Overall neutral day!

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