The market today was a bit weaker than yesterday (-0.8%), but nothing to get your knickers in a knot.The market appears to be correcting off a short-term high level. That's normal.
The MACD still hasn't broken below its signal line.
The RSI.14 remains stubbornly above the 50 level where its been since early September.
Although the chart shows a gentle uptrend, the ADX still shows that is this anything but a strong uptrend. It's still below the 20 level.
The Advance/Decline Ratio today was 1.01 - just above its mid-line; i.e., there were slightly more advancing issues than declining issues today despite the market being decidedly negative.
So it looks like we're going through one of those slow periods in an uptrend.
Anything could, of course, throw this into reverse rather than just slowing down.
Who knows if there's a big transport truck coming down the wrong side of the road in the opposite direction to us?
It always pays to be vigilant.
But, at the moment, we're on the open freeway, cruising with the top down on a lovely spring day, listening to Eric Clapton, enjoying the view, and taking the foot off the accelerator for a short time.
Cheers
Red
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