The market had been moving up steadily in the recent past. Today
we saw a marked weakness creeping in. We saw a widespread down bar on higher
volume. If we plot a composite buying
and selling pressure for the whole market instead of just the index, it would
provide a much better picture. As indicated in the attached chart the market
has been moving up steadily but the buying pressure had been stagnant which is
a sign of weakness. The weakness manifested today. The higher volume adds more
credibility to the weakness. Tomorrow’s move is very crucial as it would
substantiate or negate the weakness. The probability of the weakness continuing
is more. More on the market buying and
selling pressure in a later post .
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