The goal during a correction on the breadth charts is to mine them for any nuggets of a market turn. The NYSE is providing a small show of strength. For 3 days now the NYSE has been putting in higher new 52 week new highs, the RUT and Nasdaq both missed yesterday. For...
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The gap down open on Tuesday spiked the 10 day high minus lows but as prices made new lows the 10 DHML chart was stronger than the previous market lows from Friday. The red line shows the general strengthening direction since Friday even though price hit new lows. A green day today or even...
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Tuesday’s market action left the 40 DMA % index feeling bearish despite a closing rally that left the indexes in the green. The broader markets however did not confirm indicating that some of the rally into the close was most like led by short covering on index futures and their underlying stocks. I expect...
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It certainly doesn’t look nice this morning as the world spirals down in a tailspin from fears of trouble in financing Euroland’s lifestyle. Dr. Roubini is back on the front page predicting that this is just the tip of the visible problem with much more to come. Things sure seem gloomy as...
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Despite the market ending selloff the NYSE managed to close a higher index value on the 40 DIP. The Nasdaq and RUT both put in slightly lower readings so in total the chart scores a –4.
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The NYSE and RUT 10 day high minus low put in stronger days but still not strong enough to reverse the momentum indicators.. The combination of the two gives the charts a neutral score of 0.
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All three indexes put in stronger new highs on Monday compared to Friday. The chart remains at neutral with two days now of stronger new highs.
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The 10 day high minus low also put in a neutral score on Friday even though I am unable to publish it this morning. We end with a total chart score of –2 score just to the bearish side of neutral as we test the bottom to see how firm it is. There are...
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The Nasdaq showed considerable weakness with Friday’s close while the NYSE & Rut showed a little uptick which allowed the chart to move from a –6 to a –2 for a score. It still needs a couple of days of good positive momentum to issue a buy signal.
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The 52 week new highs are neutral either matching or passing the previous day’s new highs but not turning the momentum indicator up. The charts remain weak and we are looking for some upward trend to confirm that we are bottoming out.
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