The market is mildly overbought in the short run on the measures I use most often, but a couple
of indicators raise an eyebrow. Specifically, the 21 day m/a of the $TRINQ, which measures
net buying or selling pressure, is moving into overbought territory, while the $VIX or volatility
index has moved down near lows for this cyclical bull. So you have stronger buying pressure
as fear has progressively diminished. Before you check the chart, remember that when the
$TRINQ is below 1.00, there is net buying pressure in terms of positive breadth and the up -
volume behind it. $TRINQ Chart (NASDAQ Comp. is in the top panel.)
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