23 February 2016 – Market rolling over?

The market retraces downward from the previous day big move upward.

Dow Transportation gapped down and then range traded throughout the day. It closed with a small hammer candle above the 50 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 99.5%.

Dow Industrial failed at the 50 SMA and sold off at the open. It traded downward throughout the day and closed above the 21 EMA with a bearish Marubozu candle. Pivot momentum remains upward. Short term volumetric buying pressure is at 90.5%. The Dow Industrial is in its monthly Squeeze.

Russell 2000 sold off on market open and had a slow sell-off throughout the day. It closed with a bearish Marubozu candle just above its 21 EMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 79.6%.

Nasdaq 100 traded indecisively in the first half hour before selling off. It traded downward throughout the day and closed with bearish Maruboz candle on its 21 EMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 81.0%.

S&P 500 was rejected at its 50 SMA and sold off on market open and whipsaw its way downward. It closed with a bearish Marubozu candle above its 21 EMA. Pivot momentum remains upward. The volumetric buying pressure is at 73.8%. The S&P 500 is in a monthly Squeeze.

Vix has made a gain to 20.98.

Oil (/CL) futures came down to $31.10 per barrel. Gold (/GC) futures as at 1228.5 an ounce. Silver (SLV) ETF closed at 14.54.

Junk bonds (HYG) is trading higher at 78.15. Bonds ETF (TLT) closed at 131.47. Biotech (IBB) ETFs made small gain and closed at 257.42. Semiconductor ETF (SOXL) made small gain and closed at 19.36.

The USD/JPY traded lower to 111.72 which put pressure on the market.

Market sentiment is slightly bullish to neutral. Market breadth continues to slope upward. The indices failed to break through key resistances and we are seeing a retracement. Volumetric buying pressure is still on the positive side. Wit the USD/JPY and oil futures going down lower, it puts pressure on the market.

The prognosis is that the market is pulling back but there is no panic selling yet.

To YOUR wealth!