A Daily Chart with Data and my Comments will be Posted here by 8:30 AM Eastern Time or Noon on Weekend the following morning, baring technical problems or prior notice. My Data Source is Markets Diary: Closing Snapshot - Markets Data Center - WSJ.com
Chart and Data Below (Click on Image for bigger chart)
Saturday Morning 9:00 AM Jan 30 2010 Comment for Friday Jan 29 Close: T Theory Forecast remains bullish for the longer term based on the long term AD T #13 but the S&P continues breaking down below the mid-channel support noted in the chart (Negative).
The W Bottom ? in the volume oscillator is likely to be false. Note as the S&P is breaking below the black mid-channel bullish market support line, the Arms Ratio for the last 3 days has been 0.75, 0.85, 0.99, all overbought readings that imply the market is not actually getting oversold. This in turn means the AD Line is weakening in line with the volume trend which is not good.
I would conclude the actual low before resumption of the AD T will have to come from the lower green envelope now around S&P 1046. And I wouldn't be surprised if the actual low was a selling climax type due these persistently bearish developments. Terry
See Recent Posts at bottom of page. Check my Sunday TTO Update Terry Laundry's T Theory Observations for this coming Sunday afternoon for bigger picture details and further comments.
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