ZT: The Short-Term Trend

Rosemary1

The Short-Term Trend

The price of JNK was stable and new lows were limited which means there was a bullish bias to the market again today...



Although there was just a tiny tick higher in the new lows for the NASDAQ, and the TLT looked like it is close to a bottom.



So this means there is a glimmer of hope for the bears that the market could stall or move lower now that prices are at the top of the three month range.




This market is getting really boring, and so are most of the charts.  Today I tried to find something new to show.



This chart shows the NYSE Summation Index in Heikin-Ashi price format with a stochastic overlay.  



With prices at the top of the range, and with the stochastic pressed up against an overbought level, I think a black or red Summation candlestick might be a good signal that prices are stalling or topping again.



I wouldn't sell based on this chart alone, but if it combines with some selling in JNK and a pick up in new lows, then there might be a short-term trade-able top?

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