Short-term Implications of Monday’s Afternoon Recovery

Institutions remained better sellers Monday. TICKscore closed at -40, Cumulative TICK -63,500. Breadth managed to move out of lopsided negative territory with the afternoon rebound, although the advance/decline ratio still finished at a relatively weak .68 considering the market closed higher. NYSE TICK ran up to a high +1425 during the afternoon recovery, nearly hitting its highest level of the last two months. You may recall from this March 24th column that unusually high intraday TICK readings often signals buying power is spent on a short-term basis. The fact that we saw two separate sell signals triggered (see below) despite the market’s oversold condition is a short-term warning sign that we’re probably not out of the woods.

SPX Closes Higher, Adv/Dec Ratio <.75
05/17/10… S&P500 ??? next session
03/15/10… S&P500 +0.8% next session
07/06/09… S&P500 -2.0% next session
03/06/09… S&P500 -1.0% next session
11/18/08… S&P500 -6.1% next session
10/23/08… S&P500 -3.5% next session
09/26/08… S&P500 -8.8% next session
07/03/08… S&P500 -0.8% next session
07/01/08… S&P500 -1.8% next session
06/30/08… S&P500 +0.4% next session
06/23/08… S&P500 -0.3% next session
06/09/08… S&P500 -0.2% next session
12/13/07… S&P500 -1.4% next session
08/16/07… S&P500 +2.5% next session
08/10/07… S&P500 -0.1% next session
08/01/07… S&P500 +0.4% next session
07/25/07… S&P500 -2.3% next session
05/24/06… S&P500 +1.1% next session
05/15/06… S&P500 -0.2% next session
04/10/06… S&P500 -0.8% next session
09/27/05… S&P500 +0.1% next session
03/23/05… S&P500 -0.1% next session
03/10/05… S&P500 -0.8% next session
02/18/05… S&P500 -1.5% next session
07/22/04… S&P500 -1.0% next session
04/23/04… S&P500 -0.5% next session
01/29/04… S&P500 -0.3% next session
08/25/03… S&P500 +0.3% next session
08/04/03… S&P500 -1.8% next session
03/12/03… S&P500 +3.5% next session
07/11/02… S&P500 -0.6% next session

SPX Down 1.5%+ Intraday, Closes Up Less Than 1%
05/17/10… ???
02/05/10… Lower SPX close one session later
03/25/09… No lower close within two sessions
03/06/09… Lower SPX close one session later
02/12/09… Lower SPX close one session later
01/23/09… No lower close within two sessions
01/16/09… Lower SPX close one session later
01/15/09… Lower SPX close two sessions later
12/12/08… Lower SPX close one session later
11/25/08… No lower close within two sessions
11/18/08… Lower SPX close one session later
09/26/08… Lower SPX close one session later
09/05/08… Lower SPX close two sessions later
07/01/08… Lower SPX close one session later
03/13/08… Lower SPX close one session later
08/16/07… No lower close within two sessions
08/10/07… Lower SPX close one session later
06/08/06… Lower SPX close one session later
05/12/04… Lower SPX close one session later
03/20/03… Lower SPX close two sessions later
02/25/03… Lower SPX close one session later
10/23/02… Lower SPX close one session later
08/09/02… Lower SPX close one session later
07/30/02… Lower SPX close two sessions later
07/11/02… Lower SPX close one session later
06/24/02… Lower SPX close one session later
10/05/01… Lower SPX close one session later
03/01/01… Lower SPX close one session later
04/27/00… Lower SPX close one session later
01/05/00… No lower close within two sessions
05/12/99… Lower SPX close two sessions later

Categories : Archived EOD Commentary, End-of-Day Commentary

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