I will start off showing the Zweig panel for the markets as they exist since the close yesterday: They are dangerously in neural territory hitting against the decaying trend line drawn in the first two charts, showing either a burst to resume the bull run or a continual decline. Moving to the new highs:...
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Our new high indicators are now at their lowest levels in 25 trading days. We are looking for signs now of a resumption of a bull leg up. I have noted today on the NH chart the 3 leg pullback that occurred around the middle of June. I am not an Elliot Wave guy...
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Wow. I played hooky yesterday for a family birthday party. I thought I would be alright and that the day would be uneventful. The morning of FOMC are almost always flat and the post announcement has activity, but what were they going to say that they did not already say? For the nimble it...
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Wow. I played hookey yesterday for a family birthday party. I thought I would be alright and that the day would be uneventful. The morning of FOMC are almost always flat and the post announcement has activity, but what were they going to say that they did not already say? For the nimble it...
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My NYSE new highs indicator continues to show weakening in the markets with some downward momentum. I have annotated today’s picture to show you what I am looking at. Starting on July 9th you can see how the NHs stair stepped upward making 4 days of higher highs skipping a day and then making...
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Today I want to look at and track our New High charts slightly differently. We are using a simple moving average to be our momentum indicator which means each new day we loose the bar from 6 days ago (Call it Bar-5) from the average [imagine a zero base counting system where today is...
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This is our Daily NYSE new highs as reported by TradeStation. I added the MagicNumber indicator to the chart. The numbers to the right represent the needed value of closing-new-highs to tick the moving average up one value or down one value. For today our moving average rounds to 129 (Yellow line). In order...
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* Magic number is minimum number required to keep upward momentum in the moving average. Zweig remains overbought and needs a little rest. Thank you for subscribing.
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