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SPDR S&P 500 Message Board

  • ibdman15 ibdman15 Feb 28, 2013 9:08 PM Flag

    Negative reversal on increasing volume - Market continues in Correction per IBD - two up days in declining volume - Caution

    Stocks staged a negative reversal Thursday, closing slightly down after being up most of the day.
    The Nasdaq, S&P 500 and NYSE composite each eased 0.1%. The Dow Jones utility average rose 0.3%, suggesting market caution.
    The IBD 50 also added 0.3%.

    Volume rose on both major exchanges. Advancers had a slight edge on the NYSE and losers a tiny advantage on the Nasdaq.
    The day's leaders among industry groups also had a cautious tone. Diversified Operations and Beverages-Non Alcoholic led the upside.
    The indexes closed low in the day's range, showing a market that is nervous about recent gains. Volume picked up on the late sell-off.
    Two up days in a row raised hopes that the correction might be little more than a head fake, and that's still possible. However, volume declined when indexes were rising, suggesting that the gains might be the real head fake. That too is possible.
    The market will ultimately settle the question by either signaling that an uptrend is under way or by taking out support lines.
    All three major indexes — the Nasdaq, the S&P 500 and the NYSE composite — are 1% to 2% above their 50-day moving averages. That's a thin cushion for bulls to rely on. The indexes' status remains in doubt.

    Sentiment: Strong Sell

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