The market continues to show us its resiliency. Although it was overbought, there was very little selling pressure yesterday. In fact, there were buyers down below, making stocks look much better when they're down. Investors seem to be wary of chasing stocks on the upside.
Therefore, I expect this correction will continue to rotate through stocks until we reach a short-term oversold condition some time during the middle of next week.
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 any securities 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