With the market still in an overbought condition, it's hard for it to maintain itself on the upside just now. Even the cyclical-heavy
is having some trouble holding on to its gains. Dow 11,000 may prove to be a difficult hurdle at this point in time.
What appears to be missing in this week's
-led selloff is the panic we saw last Monday. It's just not there yet. There are still too many bulls (this week's bullish advisory reading is 56%) out there. I continue to expect a meaningful correction in stocks.
New Highs and New Lows
Cumulative Advance/Decline Line
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in the stocks mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at