Two HUGE up days in the markets albeit not with massive volume have given some hope on the horizon.
However, we’re still looking at some ugly patterns in the markets right now, and we need the charts to rebuild into TRADEABLE patterns with rather tighter ranges.
Here are the charts from yesterday:
SPY
Big up day but no the OVI is still negative.
QQQ
The QQQ’s OVI is a bit volatile right now, as it has been for the last couple of months. This reflects the uncertainty in the markets.
DIA
Even the normally buoyant DIA OVI can’t get excited still.
GS
Look how negative GS’s OVI is … the stock has bounced off a Double Bottom, but for how long?
AMZN
Getting near its recent highs and the OVI is unmistakeably positive. I’ve said for a long time how I like AMZN as a business.
More soon.
Guy