Mixed bag today, even after FTSE's gains...keep your eyes on the bottom charts.Friday's turnround proved to be good for today...
This is a custom chart I have designed in EXCEL. It takes all the stocks in my UK database and calculates how many went up or down by more than 5% today, and how many closed within 1% of their high or low of the day. Then I plot these numbers as red and yellow lines to get an easy visualisation.
Moving on up and the main strength indicator- those stocks closing at or near their HOD (within 1%) has crossed the zero line,and the 5% line will probably go tomorrow.
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Well, it didn't. All in all, the charts and graphs are becoming choppy....How on earth can anyone trade this?
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Could be getting better. The FTSE has bounced nicely of it's uptrend support and should head off to 5400 level, having made a double bottom at the 5040 level.. My depth graph is showing higer lows too...I guess the next week is going to be a bit of a dis-jointed affair,although I remember seeing some excellent gains over the Xmas period last year...
