.....My volume charts are saying we have hit a low point. I can see a double bottom if you take the low point on the 25th and 27th of August. On the right hand page of the home page it also gives you the current sentiment.....It says "strongly positive". A reading of about 8 out of 10. I also include the comments. Please see below: This is what it says for the 27th August 2010. I hope it helps:
Today's market action confirmed our short-term outlook from Thursday's report, where we had indicated that the market could trade 'slightly bearish initially' but where we also suggested '... things could soon start to improve for the bulls, particularly if an intraday dip generates more bearish volume'. In today's volatile session, an initial dip brought a re-test of Wednesday's swing lows which gave way to a strong intraday upswing that led to positive closes for the broad market.
MARKET STAGE:
Despite yesterday's bearish indication, the indexes moved higher today following Ben Bernanke's speech.
60-day charts with a 20-period SBV are now showing advancing SBV oscillator values with the following SBV values registered at day's end: Plus 5% on the Nasdaq 100; plus 15% on the S&P 500; plus 10% on the Dow. Advancing SBV readings are bullish and suggest the possibility of an up-move in the market. We will continue to monitor this chart setting in order to determine at which point SBV oscillator readings start to decline; this might then suggest better odds for a coming move to the downside.
1.5-year charts with a 10-period SBV are showing flat SBV oscillator readings. This suggests we might see a change in market sentiment. Because SBV readings are however still at low, negative levels, this chart setting continues to indicate that bears are dominating the market. The accumulation of bearish volume seen on this chart setting has become quite pronounced suggesting an oversold market. At the same time, we have still not seen any strong bearish volume surges on this chart which might indicate panic selling and suggest the end of the current correction.
:smart:
prorealtime.com is free (at least for eod data) and works perfectly well if you got your java stuff in place.
