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.
Wednesday's action and the indicators point toward getting oversold and real shift in sentiment -- looks like the correction is going as it should.
From Tuesday to Wednesday the shift in sentiment became clear -- and we're finally moving off that giddy/complacent level and then likely toward a good oversold condition.
Charts sit on uptrend lines and there's little statistical sign of panic or fear.
Market’s failure to close on lows along with other indicators shows only small shift in sentiment.
If you judge the market just by Monday's action, you'll miss what's been going on.
Looking at the market over the past two weeks is a useful exercise after the past two days.
As Friday's rally got everyone excited, the number of stocks making new highs contracted to 154.
China deal and Uber IPO two big 'events' to watch this week -- let's see if they're the events that can end a rally.
Following the Sentiment Cycle to where we are in the market.
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