Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
If you were paying attention you saw the number of stocks making new lows rise drastically in September, and you saw the narrowing of the market's breadth last summer.
We know we’re at the point where selling begets selling.
The market is not in good condition but at least the indicators are in a different place than they were two weeks ago.
The Momentum Indicator starts rising on Tuesday, so after Monday’s trading it stops going down.
For example, the S&P is up 20 points but net breadth is negative by about 1,200 issues.
As a reminder my own Oscillator gets oversold on Wednesday.
If we plunge first then maybe sentiment would shift dramatically, although not enough to change the moving averages of the various put/call ratios.
We finally had a positive breadth day, even if the close was awful.
We may get a 'Santa Claus Rally' right before Christmas.
That’s what I’ll be on the lookout for in the days ahead.
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