On Wednesday the index new highs that I track closed the day mixed between bullish and neutral. The Nasdaq composite was the weak link just missing on its daily test of making a higher bar. The NYSE and RUT both passed the dailies and kept the positive momentum going. NASDAQ also kept the momentum...
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Wednesday’s advance decline line helped correct the direction of the Zweig indicator and puts it exactly halfway to the overbought area. There are now 5 more days left in the watch period which ends on Tuesday June 8th.
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The 10 day highs minus lows turned from neutral to bullish with Wednesday’s market action. All three indexes put in higher dailies and maintained their upward momentum. The chart scores a +6.
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Our charts from Tuesday’s market have now moved to a –4 score with the slower 40 DMA % index still in the bear column and the NYSE 52 week new highs just clinging to the bull column. In the past three trading days we have moved from +12 to +4 and now to –4...
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The 10 day highs minus lows chart took a step back to neutral on all three indexes. The momentum indicators remained positive while the dailies stopped a 3 day streak of higher highs.
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![How we stack up from the February lows.. [Chart]](http://www.redliontrader.com/wp-content/uploads/2010/06/image_thumb5.png)
I have reconstructed my percentage change chart and was curious about how we stacked up on some of the major indexes and markets from the February lows. Here is the results from Tuesday’s close: Transportation, Semis, Banks and the RUT are leaders from 11% to 8% above the February lows. SP500 and the DOW...
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I have received several requests for a Zweig breadth update. Here is the chart from Tuesday’s close: We are now 5 days out from the exit of oversold looking to reach the overbought area now by Tuesday of next week in order to confirm a breadth thrust.
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The 40 DPI charts turned bearish from neutral on Tuesday’s action. The NYSE remains the strongest of the indexes with just over 16.5% of symbols trading above their 40 day moving average compared to the the RUT having just over 10% of stocks now trading above their 40 day moving average. The last time...
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The 52 Week new high charts for Tuesday put in a total +2 score for the day. The NYSE was able to score +2 while the RUT and NASDAQ had weaker follow through days putting them in the neutral column. The momentum signal remains in an upward direction now for 5 days.
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Good morning all. The sell off into Friday’s close looks to continue into this morning’s open as we setup for a century gap loss on the DOW. This should test the buying fortitude of the recently discovered buyers. There is no pre-open news scheduled this morning to change the direction before 9:30am. We...
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