Phantasmix Stock Market Blog

During this entire leg up, everyone’s been moaning about how low the volume was. Well, it’s really coming in today! I’m watching (SPY: 132.27 +0.05%) and we’ve got 84MM shares at 10:30am EST! 3-month daily average is around 350MM, so that’s about 1/4 of normal volume in the first hour.

Is it finally the start of a correction?

I don’t understand what triggered it either, afterall the “initial jobless claims” number was “better than expected”. I should really sign up for CNBC online feed or something.

Click charts to enlarge

McClellan Oscillator

Short- to intermediate-term momentum breadth indicator. The McClellan Oscillator fluctuates between an oversold level below -100 and overbought territory above 100. Short-term buy and sell signals are given when it crosses above or below its zero (flat) line.

$BKX – Bank Index

Of course, everyone’s looking forward to May 4th to see what happens with the banks. Still, a chart is a chart

Most sectors are at resistance and/or forming bearish patterns.

Click charts to enlarge

XLY – Consumer Discretionary SPDR

At resistance

XLV – Health Care Select Sector SPDR

Below resistance

XLU – Utilities SPDR

Head-and-shoulders?

XLP – Consumer Staples Select Sect. SPDR

Rising wedge?

XLK – Technology SPDR

Strong

XLI – Industrial SPDR

XLF – Financial Select Sector SPDR

XLE – Energy Select Sector SPDR

At resistance

XLB – Materials SPDR

At resistance