The chart of the S&P 500 is ugly this morning at 10:26 am (click on graph to enlarge).
I like to watch trading volume and the blue line above the price movement.
Volume is positive because it has surged as the market declined. But the blue line spells caution. It is declining too rapidly. What I would like to see it moving sideways and the S&P 500 rise above it.
The fundamental picture also spells caution. I am watching closely bond spreads and yields to give me a clue of the trend.
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George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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