4/15/20 MARKET CLOSE Update - INTERNALS

Today was more muted than yesterday but still very important time.


TRIN:

Takeaway: The readings from yesterday played out bearish as suspected. These are mildly bullish but looking at the price charts, this is what kept most everything in the distribution zones. This still reeks of sellers distributing up here right now.


ADVANCERS/DECLINERS:

Takeaway: FAANGMs are the only green parts of the pie for SPY and QQQ. There was a little advancing in the DIA but for the most part this was a red bearish trending day. Sellers did not waste any time distributing inventory.


NYSE ADVANCERS/DECLINERS:

Takeaway: Firm rejection of advancement in the NYSE overall into the teeth of that resistance. Was that it? Hard to believe that was it so be alert for another stab at the resistance area next few days.


CUMULATIVE VOLUME:

Takeaway: Full kick at the rejection level on volume. Same as NYSE AD, hard to believe that was it...maybe a bounce at the first support level and then another stab at the resistance again and the bigger drop?...never know could just let go here.


ABSOLUTE BREADTH:

Takeaway: This has been really useful lately as it is really doing a decent job of telegraphing the volatility periods. This is weekly chart so it could be volatile and remain volatile in these upper regions for a long while.


MCCLELLAN OSCILLATOR:

Takeaway: This is like Mike Tyson's punch out. Watch tomorrow to see if the selling is perpetuated or if sellers take foot off the gas to distribute more at higher levels...I have no edge here as it could go either way.


INTERNALS Summary: Internals did a good job yesterday of telling us that there was something coming and today TRIN was positive most of the day and that is why price didn't completely collapse. We are still in the resistance areas so price will struggle up here to make higher highs without being sold into based on the readings.

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