The chart below shows more aggressive downside trading
activity on the NYSE. This oscillator tracks thrust sessions has moved below
the zero line (red circle). These readings stack the odds against a short term
rally.

Net NYSE Up Thrust Days v Down Thrust Days
Up Day: Adv/Dec 2:1 and UpV/DnV 2:1
Down Day: Dec/Adv 2:1 and DnV/UpV  2:1

click for bigger chart

Nyse_thrusts

Source:
Technimentals

Protracted trading ranges tend to damage the confidence of
both bears and bulls alike: Breakouts fail, breakdowns reverse back up. Kevin
Lane notes “what happens is you get both sides trading very tentatively, thus
drawing out the range even longer. . . internals are starting to support a more
bearish case, we would suggest waiting to see more conviction on a move.

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Category: Investing, Technical Analysis

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