Josh Maher
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Josh Maher in Josh's value investing,

5 days down

Dow down five days in a row as it heads for the lows of the week, but the SPX is less negative, as is NDX, while the RUT is about to go positive.  The a/d is back toward the negative extreme of the day, but still only 2.2:1, so not extraordinary.

This updated 8 minute bar chart of SPX shows the recent selling of the past few hours was not impulsive, and is likely part of the blue path’s corrective pattern, if not the red path’s trek to new highs (which is an alternate count currently).  This aligns with the tame a/d negativity, which should even become positive upon the move higher to complete the blue path correction.

The big question surrounds the jobs data tomorrow, and it “tapering” will be whispered louder before the end of the year, or not.  January will bring the next round of American governmental cash running dry, and February will bring back the Debt Ceiling party that is the gift that will never stop giving (heart burn and indigestion).