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U.S. Stock Market Undercurrents for March 23: VIX, Volume, Sentiment
Some technical stock market indicators to keep an eye on
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By Vadim Pokhlebkin
Thu, 24 Mar 2011 16:30:00 ET |
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Editor's Note -- March 24, 2011: Robert Prechter just posted an Elliott Wave Theorist Interim Report -- it delivers an urgent, one sentence message for subscribers. Interim Reports are rare: this one comes less than a week after Prechter published his 10-page March issue. Get instant access to both issues, risk-free. Details >>
Here at Elliott Wave International, besides Elliott wave analysis, which has been our main market-forecasting tool for over 30 years, we also employ a host of supporting technical trend indicators.
Our Monday-Wednesday-Friday Short Term Update, for example, regularly comments on indicators such as market sentiment, advance-decline ratio, breadth, volume, the VIX (stock market volatility index), and more.
In the March 23 STU, editor Steve Hochberg writes:
- VIX: "The CBOE Volatility Index (VIX) has dropped sharply, closing lower every day since March 16. The index is now back below 20.00, as investors scramble to put the 'risk-on trade' back on their books, afraid that they are missing the start of another important market rally."
- Volume: "Today's [March 23] push occurred on the fourth slowest volume day of the year (NYSE)"
- Sentiment: "A broad consensus has formed that the market has weathered many storms over the past several weeks and come out on solid footing."