If I traded intraday, yesterday's trading action would have epitomized the opportune confluence of events, as the market seesawed back and forth on the plus side and the down side, ultimately ending down by about 50 basis points. Although the market closed lower, traders did reject the lows seen around mid-day. To me this suggests that we will see a bounce, albeit a bounce I had thought was coming yesterday. Still, I would watch the quality of the bounce to see if an rally attempt has any legs. In any event, most the sector groups performance was weak in yesterday's trading, as seen below.
The price/volume heat map can be categorized as weak. Weak even for the sector groups that showed positive price performance, i.e. industrials, telecom, and utilities. The overall weakness on the supply/demand front, especially in the positively performing sectors, suggests to me the overall mood of traders/investors remains towards the sell side. However, we should watch the quality of the price/volume relationship in to any bounce.
The price/volume heat map can be categorized as weak. Weak even for the sector groups that showed positive price performance, i.e. industrials, telecom, and utilities. The overall weakness on the supply/demand front, especially in the positively performing sectors, suggests to me the overall mood of traders/investors remains towards the sell side. However, we should watch the quality of the price/volume relationship in to any bounce.
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