Volume on up days has been anemic throughout October and the Summation Index charts show the weakening breadth very clearly.
Entries Tagged as 'Daily Market'
Low Volume Reversal as Summations Index Weakens
October 23rd, 2009 8 Comments
Tags: Market Internals
Low Volume Gains Today
October 19th, 2009 No Comments
Volume continues to be weak on upside days. The Powershares QQQ Trust (QQQQ) should make a new short term high at the open tomorrow with the good earnings by Apple and others after the close.
Tags: Nasdaq Charts (IXIC)
Nasdaq Summation Index Pointing Down
October 15th, 2009 2 Comments
The Nasdaq Summation Index turned down at the beginning of October and the 10 day moving average remains below the 50dma. If fact, with price significantly above the May level, the NASI has not risen.
Tags: Advance-Decline · Nasdaq Charts (IXIC)
Oversold Bounce with Little Volume
October 5th, 2009 No Comments
The Nasdaq McClellan Oscillator 10 day moving average is oversold and setup for a bounce. There have been three lower highs since March indicating a decline of momentum over time.
Tags: Market Internals · McClellan Index
Working Off Overbought Quickly
September 25th, 2009 3 Comments
The market has rolled over some and it didn’t take long to work off overbought. At this rate the market should be oversold early next week and should bounce.
Tags: Advance-Decline
Autumnal Equinox 2009
September 22nd, 2009 2 Comments
Today is the Autumnal Equinox and the markets are extended. I have found that the spring and fall turns usually do not affect the market significantly – unless the market plans to change direction anyway.
Tags: Market Cycles
Three Time Frames of Nasdaq Composite
September 18th, 2009 No Comments
The long term look at the Nasdaq Composite has followed a clear geometry from 1982 until today. Price followed up the 1×1 ascending angle after the bear market which began in 2000.
Tags: Nasdaq Charts (IXIC)
Oversold But May Continue Higher
September 16th, 2009 1 Comment
The Nasdaq Advance Minus Decline 10 day moving average has moved back to the level that put a short term top on the market. Price could easily continue higher for a couple days, but it will not take much to move the market to significantly overbought.
Tags: Advance-Decline
Nasdaq Moving Toward Parallel Angle
September 16th, 2009 3 Comments
The price of the Nasdaq Composite dipped from the parallel angle trend line as the time cycle completed into September. Price looks like it is trying to get back to that angle and is not far from it as of today’s close.
Tags: Market Internals · Nasdaq Charts (IXIC)
Market Up While Summation Index Rolls Over
September 14th, 2009 4 Comments
Yesterday I stated that the market was strong and this is true from a price and volume standpoint. But the Nasdaq and NYSE Summation Index 10 day moving averages have rolled over and are not making new highs with price. This is a divergence to be aware of.
Tags: Market Internals
Nasdaq At Support Angles
August 28th, 2009 No Comments
The Nasdaq is at a make or break angle which would signal the end of this bull market phase near 180 days from the March low.
Tags: Nasdaq Charts (IXIC)
QQQQ and SPY ETFs Not Looking Strong
August 20th, 2009 7 Comments
The Powershares QQQ Trust ETF (QQQQ) has risen for three days on weak volume. Price remains below the high of last week and does not appear to be in position to push higher.
Nasdaq Oversold At 1×1 Angle
August 19th, 2009 No Comments
The market is somewhat oversold and in position to move up. A move down to about 1870 is a possibility also.
Tags: Advance-Decline · Nasdaq Charts (IXIC)
Short Term Downside Target
August 17th, 2009 No Comments
The Nasdaq shows weakness this morning and where we close is more important than where we open. The first downside support should be at the June highs – 1850-1870ish.
Tags: Nasdaq Charts (IXIC)
Lack of Sellers While Moving Back To Support
August 10th, 2009 2 Comments
The quick early morning dropped did not inspire the sellers and price drifted back to close above the 50% level of the daily bar. My guess is that price will move back to the 20dma or the 1×1 angle and then have one more strong thrust higher into September.
Tags: Advance-Decline · Nasdaq Charts (IXIC)
SP500 Works Back Towards 50 Day Moving Average
August 6th, 2009 2 Comments
The SP500 (SPX) is working off an overbought condition back towards the 50dma. The geometry on this chart uses the June high as a mid-point and projects the “second half” of the move forward.
Tags: Advance-Decline
Nasdaq Price Continues Higher
August 4th, 2009 No Comments
The Nasdaq Composite finished slightly up on average volume today. Price opened at the low and continued higher throughout the day – which is bullish. There has been no signs at all that the market is weakening.
Tags: Nasdaq Charts (IXIC)
Low Volume Consolidation of Recent Bull Thrust
July 27th, 2009 2 Comments
The QQQQ and SPY are consolidation after a strong move up. My observations suggest that the short to intermediate term trend remains up.
High Volume Continuation of Nasdaq and SP500
July 23rd, 2009 No Comments
A high volume thrust up confirms the latest trend higher.
Nasdaq 100 Pushes Higher
July 22nd, 2009 No Comments
The Nasdaq 100 Index has been up for 11 straight days. Today’s move was on higher volume. A quick and violent shakeout would makes sense here.