It is probably not a bad way to describe the market right now ... still positive,
but weakening.
Let's look at two indicators today. The first will be the NYSE's Declining
daily volume. On today's chart, we inverted the declining data so that
it tracks with the actual movement of the NYA Index.
Look at the chart and note how the NYA Index pulls back when the NYSE Declining
volume goes below our zero line. If you have a keen eye, you can see that there
is one exception ... when the NYSE Declining volume goes below the zero line WHILE
our zero based Relative Strength is still positive, then the Declining
volume loses its power to cause a serious corrective move.
So, where were these indicators yesterday? Our NYSE Declining Volume dropped
and closed very close to the zero line, so a caution is in effect.
At the same time, our zero based Relative Strength was STILL positive. However,
it was dropping pretty fast, which isn't a problem yet ... BUT it will become
a problem if it keeps dropping and goes Negative. (This data is part of our
Multi-Indicator model seen in Section 3, chart 4 on our paid subscriber site.)
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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