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Yesterday I wrote an article about constructive divergences on New Lows for the Nasdaq and NYSE. The Nasdaq continues to be sporting its constructive divergence with New Lows, however the SPX, NYSE, OEX (not proven), S&P400 (not proven) and NDX (not proven) have misplaced the constructive divergences they’d yesterday. The SPX wasn’t exhibiting the constructive divergence yesterday besides within the very brief time period, however that has disintegrated as nicely.
Conclusion: Sorry for the dangerous information, however a bear market rally is not possible within the playing cards but. It is actually potential we are going to rally as we do have oversold indicators on the market, however given the excessive quantity promoting and crash in the present day, we doubt any rally might be sustainable.
Good Luck & Good Buying and selling,
Erin Swenlin
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Erin Swenlin is a co-founder of the DecisionPoint.com web site alongside together with her father, Carl Swenlin. She launched the DecisionPoint every day weblog in 2009 alongside Carl and now serves as a consulting technical analyst and weblog contributor at StockCharts.com. Erin is an lively Member of the CMT Affiliation. She holds a Grasp’s diploma in Info Useful resource Administration from the Air Pressure Institute of Know-how in addition to a Bachelor’s diploma in Arithmetic from the College of Southern California.
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