Cirrus and others have noted in the past that a day with 3:1 breadth is less likely to reverse direction . . . so current conditions suggest we'll not experience the sort of reversal that occured earlier this week.
Breadth suggests a trend day
Started by
paulstan
, Jan 05 2007 12:41 PM
2 replies to this topic
#2
redfoliage2
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Posted 05 January 2007 - 12:50 PM
I'm not sure about it. SPX bounced up from the exact near term support at 1404.Cirrus and others have noted in the past that a day with 3:1 breadth is less likely to reverse direction . . . so current conditions suggest we'll not experience the sort of reversal that occured earlier this week.
#3
paulstan
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Posted 05 January 2007 - 02:03 PM
We'll see. We're seeing a bounce with modest volume -- the key will be to see how the market closes today. We could see a move back down to the bottom end of the range in the final hour. That's my bet, based on the overwhelmingly negative breadth today.
