The breadth charts remain just slightly in the bullish side from the the weak closing on Friday. 52 Week New Highs: The Russell and the Nasdaq ( bottom two ) bars made higher new high counts and the momentum indicators remained positive scoring a +2 on each of those indexes. The NYSE did...
More »
The breadth charts remain the same as yesterday with a +12 score. The 40 DMA % index is still lagging and waiting to confirm that we are in an up move. Thursday’s price action was very strong and gave us the first day of a thrust from the bottom. We would like to have...
More »
The 10 day high minus lows began putting in positive values yesterday (the market is now making more 10 day highs than lows). The momentum continues to the upside so the game now is to begin to look for weakness.
More »
The 40 DPI is still shy of crossing its 20 DMA which we use as a confirmation of a buy or sell trend that has developed. The chart scores neutral with higher index values but still below the trigger line.
More »
52 Week new highs put in stronger days on all three indexes maintaining a long call for the market. For Friday the NYSE needs to put in more than 25 new highs. At the 10:30 hour we should be around 13 or greater if we are to keep on the bulls side.
More »
![Zweig Thrust Watch II — [Chart] $SPY](http://www.redliontrader.com/wp-content/uploads/2010/05/image_thumb96.png)
The first round was a bust as the markets returned to lower lows. Wednesday’s market action has set us up now for round two of the Zweig thrust watch. Just as a reminder a Zweig thrust is a move from oversold to overbought (bottom line to top line) in a 10 day trading period....
More »
Let’s get the party started.. Futures soared last night and are sitting up 28 or more points as I write this piece. The charts from Wednesday have turned toward the bullish side putting in a +12 score for the high minus low and new 52 week new highs. The 40 DMA % Index was...
More »
NYSE put in 22 new 52 week highs at the close on Wednesday. That is 4 more than Tuesday but a far cry from the over 300 we were putting in at the front end of the month, but strength grows from weakness and this and the 10 day high minus low are the...
More »
This is the chart I most wanted to see after the markets had that massive selloff into the close. The 10 day highs minus lows and 52 week new highs will both put in bullish numbers since they are basically high-of –the-day type indicators. The 40 DIP index, however, is an end-of-the-day indicator and...
More »
The breadth charts for Wednesday morning are bearish overall but showing some interesting divergences after Tuesday’s price action. Price of course dominates today’s discussion and Tuesday’s price action gave us a bottom type signal with a large gap down and run to that 1041 area which was bought hard and price recovered all the...
More »
