The weekly on-balance volume (OBV) tested support, line d, on the correction and closed back above its WMA last week.
Twenty years of correction in order to bring it back into line with the economy.
The weekly OBV just barely violated its uptrend, line d, on the recent correction.
The OBV needs to surpass the downtrend at line d to confirm that the correction is over.
The OBV broke its short-term downtrend in early November, line c, suggesting that the correction was over.
The OBV dropped back to major support (line b) on the recent correction.
It held above its WMA and support (line i) on the recent correction.
The daily OBV held its uptrend, line d, on the recent correction and has moved back above its weighted moving average.
The relative performance made new highs Tuesday as it held well above its WMA and the uptrend, line e, on the current correction.
In fact, the correction was already enough to break the trend-line support of the rally off the June low a month ago.
FORBES: Market Correction Started In September, Has Room To Get Worse
The daily on-balance volume (OBV) does show a negative divergence, line b, which is consistent with a correction.
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The daily relative performance or RS analysis has closed back above its WMA, but a close above the resistance at line b is needed to confirm that the correction is over.
The OBV completed is bottom by moving through resistance at line f and is now trying to complete its correction.
There is important support for the RS line at line f, which needs to hold on a further correction.
The following correction ended in August 2010, and during the next rally (line 2) IWM gained 47.6%, peaking in May 2011.
The relative performance or RS analysis confirmed the new highs in early 2012, but has since dropped below its WMA.The RS line has important support at line c, which needs to hold on a further correction.
The daily OBV has completed its correction by moving above its previous highs, and has held long-term support (line e).
The daily on-balance volume (OBV) moved through its resistance (line c) in October, and has held above its WMA on the recent correction.
The bottom line: If continued, sales of Chinese listed banks shares by foreign institutional investors could cause a major correction of the Shanghai and Hong Kong Exchanges.
The daily relative performance broke its downtrend, line h, at the start of November just before the final wave of selling took XLI to its correction low.
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