Bounce fades
The bounce never looked very convincing and the market wasted no time giving up parts of the gain. The primary trend still remains bearish according to Market Monitor.
Even if you use a simple trend tool like multiple moving averages to confirm a trend change, you will see that the trend is down currently.
Other measures of breadth like $BPNYA also are not showing breadth turns.
If you look at the $BPNYA using 10 day MA you would see again that the market continues to be in bearish mode.
What can help change the picture is very convincing bounce with significantly higher breadth than what we have seen .
We will see if the market attempts a opening gap reversal today.
Even if you use a simple trend tool like multiple moving averages to confirm a trend change, you will see that the trend is down currently.
Other measures of breadth like $BPNYA also are not showing breadth turns.
If you look at the $BPNYA using 10 day MA you would see again that the market continues to be in bearish mode.
What can help change the picture is very convincing bounce with significantly higher breadth than what we have seen .
We will see if the market attempts a opening gap reversal today.
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