Wednesday, July 30th. - Stock Trends, Charts, and Commentary (***If you see last week's Wednesday Update: Click Here)
Today will be a battle between the market wanting to get out of harm's way, and the Fed not wanting any selling panic to set in.
Unexpected buying could show up today, with mixed conditions so be careful.
Note today's chart that show's a 30 day C-RSI for the NYA Index (it has been zero based). Don't let the idea of being zero based scare you. Since 50 is neutral on a standard RSI indicator, we simply subtract 50 from the readings so 0 becomes the neutral line which makes a lot more sense.
Anyway, note how the CRSI is descending, but it is still positive and hasn't gone negative yet. If it makes a lower/low today, it would keep down trending. However, if it closes at a higher tick today, then you would have to keep your eyes open for a tick that takes out the previous and most recent high which is what would be needed to start a trend reversal to the upside.
FYI ... We are going to move our offices tomorrow and Friday. The new location will be just 40 miles away with an internet signal that should be twice as strong. It will mean that we will all be on the road Friday, and then setting up the new office. As a result, there will be no free update on Friday.
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