I delayed our update this morning so we could see what the Institutional investor
action is at the open today.
It is now 10:43 AM and here is what it is showing:
1. The 60 minute Institutional Index of "core holdings" broke out of its Down
trend in mid July.
2. It then spent 3 weeks in a sideways trading range and broke to the upside
last Friday.
3. This week, it fell back into the trading range.
4. Yesterday, the index moved up to test the trading range's upper resistance
line and failed to move above it.
Today's Update:
This morning from 9:30 AM to 10:43 AM, the index has remained quiet and neutral
with the MACD moving sideways as seen on today's chart.
It is option's expiration day today, and as you saw on yesterday's update,
the VIX is poised to have a breakout sometime today or Monday.
I don't expect the Institutional index to remain quiet all day, so keep an
eye on the VIX (per yesterday's update: Thursday)
for directional clues this afternoon.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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