01/21/2009 Market Recap: Down 1 Day vs Up 1 Day

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Two points to be noted today:

  1. down 1 day vs up 1 day, so bulls lost the battle and tomorrow is the last chance and they have to push the market up big;
  2. Intraday charts show that the market is overbought, and may pullback at least in the morning, which makes the mission of big up more difficult.

7.0.3 NYSE Composite Index Breadth Watch.  Tomorrow's high must be at least higher than that of yesterday's high in order to prove the bulls are in control.  One may refer to 8.1.1 Buyable Pullback Rule.


1.0.3 S&P 500 SPDRs (SPY 30 min).  TICK overbought, ChiOsc is a little bit too high, so the market may pull back tomorrow morning.


1.0.4 S&P 500 SPDRs (SPY 15 min).  All momentum indicators are overbought, which also means the market may pullback tomorrow morning.


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