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Today's market action was just ugly.  Prices fell sharply at the open.
Yesterday's close turned them away twice during the morning.  After
lunch it tried to rally, unsuccessfully, and just dithered around the
line.  But as you can see below volume came in below average, -3%.  And
that's the only good news.

The thing to notice below is that the Oscillator has dropped to very
negative levels.  That means most stocks on the NYSE have been closing
lower day after day.  Don't count on the S&P500 index going the other
way for long.  We're just above the important 50-day moving average.
If it falls through, as the Oscillator seems to suggest, the next major
technical support level would be the critical 200-day average, now
rising toward 1200.

"Don't try to catch a falling knife."

 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 _>__     __     _>__     ___<     08/12
 __|_     __     ___<     08/15
 <___     |___     _|__     _|__     _|__     ___<     08/16
 __<_     |___     _|__     __|_     _<__     ___<     08/17
 ___     _|__     _|__     <___     ___<     08/18

Timing Signals:  I don't use or recommend timing signals, but they're
fun to watch.  If I did though, well, I might use something like this.
(Be warned!!  It tends to whipsaw around signal points!)

Last Signal: SELL       Date:  08/16/05 S&P:    1219
Winner or Loser:  Winner                By:     +25

See my market tracking charts for '03-'04 and my investment strategy
study at my website(s):
http://www.xprt.net/~pgrogers/Pers.html
http://www.geocities.com/paulgrogers/Pers.html



Paul Rogers, paulgrogers{at}yahoo.com                       -o)
http://www.angelfire.com/or/paulrogers                   /\\
Rogers' Second Law: Everything you do communicates.     _\_V

... Rogers' Third Law: There's no such thing as teaching, only learning.
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