Market Internals Confirm Primary Wave 3 (DOWN)

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Fibozachi ~ Technician's Corner

Market Internals Confirm Primary Wave 3 (DOWN)

 

Today's price action registered extremely bearish readings across the NYSE TICK and NYSE VOLD (Up-Down Volume Difference).

 

These 'extreme' readings recorded across market internals, serve as secondary confirmation that US equity markets have established a multi-week (if not multi-year) top.

 

"Buying pressure" played Punxsutawney Phil throughout the session and was decisively punk  ~  offering up only a healthy dish of apathy with a small side of disgust, implying anything but light in store at the end of this tunnel.

Calista Flockhart-wafer-thin 'buying pressure' coupled with impulsive 'selling pressure' (reminiscent of late '08 - early '09) is a rather bearish omen for equity markets (Shanghai - check, Sensex - check, MIB - check, VIX / CDS / IG spreads across the board - hockey players around).

In our oh-so-very-humble opinion ~ equity markets are about to enter the Temple of Doom.

 


 

NYSE TICK

 

 - Please click on any of the snapshots below to open a large, crystal-clear picture - 

Mint TICK

 

NYSE VOLD (Daily)

 

The following daily chart of the VOLD is taken from the 1.27.10 edition of the Fibozachi Technical Update

 

VOLD Previous

 

Here is the updated daily at session close

 

VOLD Daily

 

NYSE VOLD (1-Minute)

 

VOLD 1-Minute (Normal)

VOLD 1-Minute

 

NYSE Up Volume & Down Volume

 

Up/Down Volume 1-Minute 2-4

Up-Down Volume 1-Minute 1-22

 


 

Disclosure: during any given session, we may trade any of these instruments bi-directionally.  We are currently flat at the time of publication, eagerly looking forward to a much-needed break for us and (yet, again) another much-needed reflexive upward bounce across financial mkts to simply let off steam and 'reset' internal measures / metrics of trend / volatility & ATR (average-true-range) before the next rolling-dislocationary leg down, down, down within Primary wave 3 (circle).

 

For similar technical market calls and insights into the idiosyncratic machinations of financial markets; please visit our website ~ fibozachi.com.  There, you can view a body of our analytic work as well as detailed explanations of the unique design development and technical methodologies within the proprietary technical indicator packages that we employ daily to perform a comprehensive technical analysis of financial instruments (stocks, options, ETFs, bonds, futures, FOREX, etc.) across interval periods of time, tick and volume.