Another sub par volume, narrow range day. Weakness prevailed from the open with a little low volume pop in the afternoon session, but the PP pivot band resistance contained it. On the daily bars (top chart) the Qs are coming off an overbought condition and, fundamentals not withstanding, are most likely to continue down for several days. The 10&20 MAs crossed pre close. . . a look at Tuesday's similar pre close cross resulted in a weak open, so this should be regarded as a cautionary note for Thursday's open.
The VIX, NYAD and TICK had some disconnect today. The VIX looked bullish after the 10:30 low (described yesterday) and continued in that mode for the remainder of the day.The NYAD looked like it was almost inoperative, as it maintained such an extremely narrow range. There was some enthusiasm going into the last hour, but it never got any traction.
The TICK clung to the PP pivot all day with some gaming evident in the last hour as the TICK hit both the R1 and then the S1 in 25 minutes.
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