The demand picture improved somewhat in yesterday's trading day, as the market gained about 1% in value. The gains occurred, more or less, across the board with the more cyclical sectors gaining over the non-cyclical groups.
You would imagine that after a 1% increase in equity prices, the price/volume heat map would exhibit higher demand across the board. And you would be correct, all sectors showed stronger demand in yesterday's trading, sans utilities, which continues to flounder. I think that yesterday's trading suggests that the market will test, at the very least, the lower end of the July's high-end trading range. That said, total volume dynamics remain weak overall, noting the price/volume diffusion index has moved below the 50 demarcation. Total volume in yesterday's upside move was also very weak. This does not imply strong demand for equities despite the higher prices.
You would imagine that after a 1% increase in equity prices, the price/volume heat map would exhibit higher demand across the board. And you would be correct, all sectors showed stronger demand in yesterday's trading, sans utilities, which continues to flounder. I think that yesterday's trading suggests that the market will test, at the very least, the lower end of the July's high-end trading range. That said, total volume dynamics remain weak overall, noting the price/volume diffusion index has moved below the 50 demarcation. Total volume in yesterday's upside move was also very weak. This does not imply strong demand for equities despite the higher prices.
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