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Still Moving Sideways

By Dick Arms

 About this article:
 The flip-flop of the markets in the last two days did not do anything to change the larger picture, which is a sideways area that has now been going on for two weeks. As we noted last week, it has the appearance of the right shoulder of a head-and-shoulders top that began in May. Both of the last two days lacked volume, and they just about offset one another. A week ago we were at the support level, and going into yesterday's session we were approaching the top of the consolidation. Particularly interesting yesterday, though, were the high readings throughout he session on the Arms Index. The down stocks were receiving far more than their fair share of the volume. It showed an underlying reservoir of apprehensive holders who are willing to become sellers on any sign of weakness. The implication continues to be that the...

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