Score: +2 The weak close on Monday showed up in the Nasdaq and RUT 40 DPI turning what had been a bullish signal neutral intraday for those two indexes. All three indexes are safely above their 20 DMAs keeping us on the 10 day time frame bullish with some room to correct and remain...
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The 40 DPI closed +6 on Friday indicating more strength to come. The 20 DMAs have now curled up and both the 20 DMA and the Index itself will be racing for the top.
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As of 2pm the 40 DPI continues to strengthen in the bulls favor.
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The breadth charts are all over the place after Thursday’s close. Friday needs to give us a clear direction to this market. This is my favorite indicator and it continues to get stronger telling us there is still more upside to come but it would be nice to get the other charts to confirm. ...
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Tuesday’s close re-affirmed the long side for the long haul with an even stronger crossing above the 20 DMA of the index. We should get a test so over the next few days our index should stay above the 20 DMA even during the test. If we get a crossing back below then caution...
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.. April 26th. We now have all three indexes above their 20 DMA, the first time since April. The Monday selloff was not strong enough to keep the indexes from crossing which is a nice divergence and a pretty good tell that more upward market action is expected. I was anxious to see this...
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Technically only the NYSE is back up and over the 20 DMA, but the RUT and Nasdaq are just missing by a fraction. All 40 DPI’s are pointing up, now we just need to finish the crossings and see the 20 DMA point up. It is looking like our bottom is in place and...
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The NYSE turned up and above its 20 DMA and now signaling a buy again after a brief one day stint a few days back. The Nasdaq didn’t make it today so let’s assume it just missed and we will score the charts officially as +2 with just a NYSE crossing. A follow through...
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Only the NASDAQ was able to put in a higher daily number yesterday with the RUT and NYSE just ever so slightly missing. Look how far we have moved, seven days ago just 10% of stocks traded above their 40 DMA now over 42% do. We remain above the 20 DMA which for...
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The afternoon selloff on Wednesday put the 40 DPI into a more bearish mode has both the average and values are now down to the March 2009 lows.
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