Below are a few charts I found interesting last night.
The Nasdaq Composite retraced 100% price at 100% time.
The SP500 Equal Weight Index (SPXEW) remains above the July low.
Various internals shows the market as oversold.
The yield spread moved greatly positive yesterday as it did at the March low.
Charts courtesy of Stockcharts.com
Tags: Bonds · Market Internals · McClellan Index · Nasdaq Charts · Square Out · Standard and Poor's 500 (S&P500)5 Comments
5 responses so far ↓
fear spiked up to 34, then reversed…lets see what the feds bring to the table today…
Went long aapl and goog after the morning drop. Stops in place. I am sure you will comment on the 1170 tag.
Robert
just a note before heading off to work, did any of you notice that the Dow and S&P made new lows? I bet you all did, but did you notice that if this is all about the financials, Why did we not make a new Low in the Financial sector???? will be interested in your comments by the time I get home early a.m. Thanks. Oh and do you think this means we have not seent the big move down yet????
Robert - Good luck with AAPL. Yes 1170 held as the mid-point of the bull market (50% correction). There are other mid-points down to 1150 which could be hit before October.
Libby - I think the strength of the XLF and BKX are positives for the market. The good financials have found a bottom while the dogs are dying. Eventually all the losers will be finished, and with everyone sold/short there is no place to go but up.