{"id":3512,"date":"2010-09-22T07:27:54","date_gmt":"2010-09-22T12:27:54","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=3512"},"modified":"2010-09-22T07:27:54","modified_gmt":"2010-09-22T12:27:54","slug":"before-the-open-sep-22-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=3512","title":{"rendered":"Before the Open (Sep 22)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets traded very quietly and closed mixed. Europe is currently down across the board – losses are moderate. Futures here in the States point towards a small gap down open for the cash market. This comes off a day the market closed down slightly after the FOMC announcement.<\/span>
\nThe market feels tired to me right now. It took much energy to lift it off the lows of its summer range and get it through resistance. It’s moved up 11 of 14 days and has had to brush off a lot of bad news. It felt tired yesterday. A pullback right now doesn’t mean the uptrend is over and the indexes will settle back into their ranges, it could just be a necessary and healthy evil on the way to higher prices. This has been one of the best September’s on record. The market deserves a break.<\/span>
\nOver the weekend I identified several divergences that were forming and what needed to happen to confirm a move up. The small caps made a higher high Monday to end its divergence, but here’s one that remains in place. It’s the S&P vs. the 5-day MA of the NYSE AD line. While the market pushed to higher highs, this indicator has made lower highs. At first it’s not a big deal because mathematically there’s a limit to how high the indicator can go, but eventually the internal weakness will pull the market down. More after the open.<\/span>
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\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings Reports<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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