Market in correction
- Nasdaq - Failed at 200 day MA and 20 day ema. Nasdaq oversold on daily basis , but still overbrought on weekly basis. 4 distribution days in Nasdaq.3 or 4 accumulation days. In correction
- S& P 500 - Failed at 200 MA and 20 EMA. Hitting 50 MA at the moment. Going to be in this range for a while 1375 - 1425. 4 distribution days and 2 accumulation days.
- With 200 day MA poiniting down and market still below 200 day, the uptread we have for the last 2 months can not be taken with confidence.
- During the last 2 months volume is below average. So institutions are not participating fully
Sector watch : To add later. Just scanned it. Gold , Oil , Nuclear in uptrend.