Short Term Signal Status update (in the FWIW department)
QQQ - Green. Went green on October 27th and has been green every day except one since.
NDX - Green. Same.
Nasdaq - Green. Same but weaker. Base signal line is 140 points below NDX. Look at $NAAD......more than likely the basis for Fib's comment above.
SPX - Green. Same.
OEX - Green. Same.
SOX - Green. Three straight closes with the baseline above 900. Hard to sell it from there and make it stick.
RUT - Red. Went Red on November 1st. Baseline is in the area where bounces become likely.
NYSE - Green. Made a midrange cross to Green on November 1st. A struggle before and after.
SPY - Green. Same as SPX. Duh.
DOW - Green. Went Red on October 23rd at an incredibly HIGH level......one that is very rare. Back to green on November 2nd. Meandering at high signal line levels. Between October 2nd and October 20th had 11 of 15 days with Baseline ABOVE 900. Again,extremely rare.
Wilshire 5000 - Green. Meandering in midrange to upper midrange.
BKX- Red. Went Red with a sell signal on October 27th. Signal was technically negated on November 2nd but not by much. Baseline is, like the RUT, in an area where bounces become likely.
While there are some problems underneath and some clear divergences (like NAAD), the odds of an extremely deep intraday selloff are not good with the above picture. Doesn't mean it can't happen. Watch the numbers. There is a "trap door" below and a "watch out" above. I've posted them (all in my opinion, of course). Some of the above (like SPX) could easily generate short term sell signals with flat to slightly down today.
Edited by Iblayz, 08 November 2017 - 08:43 AM.