In the near term, the market remains in an overbought condition. The lack of selling pressure on the downside is both good and bad. It is good on a longer-term basis because it shows us the underlying improvement in the market. It is bad in the near term because it is unlikely we will have a low worth buying until there is some panic in this market. The lack of panic selling tells us that there are still too many bulls, and that needs to change.
I continue to believe we are in a correction phase.
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