There's not a lot to say tonight. The market was flat with the XJO down -0.1%. Volume was lower than average.On the overall market, Advance/Decline Ratio came in at 1.08 (flat) while on the 50 Leaders it came in at a slightly bearish 0.84.
The best two performing Industry Sectors were Health (+0.5%) and Consumer Staples (+0.5%). The two worst performers were Information Technology (-0.9%) and Financials (-0.4%).
It's difficult to read much of anything into all of that - maybe slightly bearish - but that's stretching things.
There was certainly no real urgency in the market to capitalise on yesterday's big gain (on lowish volume). Volume was lower again today.
If anything, the action of those two days on low volume is a negative rather than a positive.
Given that the market is close to an important resistance area, it's going to take effort to push up through that. And that effort just doesn't seem to be in the market at this stage.
But all of that could change tomorrow.
Let's see how tomorrow pans out. A big day down on higher volume would be very bearish.
On the other hand, a big day up on high volume would be very bullish.
Maybe, we'll just get another lack lustre day. And make us wait. :)
By the way - that's not a prediction - just the way the Market Gods seem to enjoy torturing us. :)
Cheers
Red
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