Thursday, September 1, 2022

Chart of the Day

Wow! What an intraday turnaround (although there's still 40 minutes left in the session).


Ah, but, incredibly, the only sectors in the green today are utilities, healthcare, staples and communications. I.e., the breadth really stinks!

As I type, S&P 500 down members are besting up members by nearly 3 to 2. As for the Nasdaq Comp, we're talking roughly 2.5 to 1.

Now, volume, on the other hand, is impressive... Although, and alas, where it's really impressive is in the likes of the tech sector (42% higher than the 20-day average), and, sadly, the tech sector is down a big 1.06% on the day... While utilities, up a big 1.22%, are actually seeing volume (-.7%) just shy of their 20-day average.  I.e., bulls want it vice versa (high volume for the winners)... In other words, this (in terms of volume today) is mana for the bears...

My point, if we only looked below the surface of today's market we'd expect that the major averages would be taking quite the drubbing... I.e., today's nice comeback (at least to this point) is not something to celebrate just yet...

Tomorrow, on the other hand, could very well be meaningful (in either direction), following the monthly jobs report...

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