08/04/2009 Market Recap: No Title

Summary:

Simple list of some short-term "bear friendly" signals.

Nothing new today, the same signals I mentioned yesterday which were my favorites in the PAST.

T2112 % of stocks trading 2 std dev above MA40 from Telechart, still overbought. Here’s a longer history chart, take a look to feel a little bit about how much higher is this new record high.

0.0.2 SPY Short-term Trading Signals, as mentioned yesterday, pay attention to volume which was decreased again. For up 4 days in a row while volume down 4 days in a row, the price-volume relationship is definitely bearish.

1.0.2 S&P 500 SPDRs (SPY 60 min), gaps, negative divergences, Bearish Rising Wedge, you name it. I see this chart as very bearish.

T2103 Zweig Breadth Thrust from Telechart, overbought.

T2122 4 Week New High/Low Ratio from Telechart, overbought, sill has some upside room left though.

The Aug seasonality from www.sentimentrader.com, I don’t see anything special for the first 9 trading days.