Speaking of Signals. Here are today's updated signal lines on most of the stuff I track. Entered today's numbers manually from TOS rather than waiting for a later download. This is not the first time that this has happened (a dump like this that doesn't roll the signals universally negative). Anybody that follows the market regularly knows that anything is possible and NOTHING is infallible. And before I get to today's stuff, let me just say that EVERYTHING that I track went green after the close of March 6th.....that was Gary Cohn night. It is NOT common for everything to turn green on the same day.......when it does......failure is rare. Today's signal lines after the dump and as of the close.
QQQ - Red. Turned today but both lines are above the 800 level with two prior closes hovering around the 900 level (one slightly above and one slightly below). Crosses at these levels are proven to be unreliable.
NDX - Red. Same as QQQ.
NASDAQ - Red. Stronger that the NDX. Even higher cross to red.
SPX - Green. Did not turn today. Still green.
OEX - Green. Same as SPX.
SOX - Red. Turned today. High cross. Weaker than the NDX but......coming off a streak of five closes that averaged above the 850 level. Very strong.
RUT - Red. Turned today. Extremely high cross to Red. Similar streak as the SOX but stronger.
NYSE - Green.
SPY - Green.
DOW - Green.
WILSHIRE 5000 - Green.
BKX- Red. The only fly in the ointment. Turned today and represents a legitimate sell signal. The million dollar question is.......is the BKX gonna pull everything with it. We have seen this movie before over the last couple of years.
You don't even have to be extremely knowledgeable in e-wave to look at a chart and KNOW that the charts are screaming C-Down and have been for a few days. The whole world sees that. But, e-wavers know that you can make new highs in a B-wave. So, in summary, it can go up or it can go down......LOL.....can't miss with that one. Place your bets. AS I have said before, E-wave doesn't rule the market. The market rules E-wave. It is just another tool that can plant a seed of bias in one's head. For that matter, so are my short term signal lines, so take them for what they are worth. SPX, OEX, NYSE, DOW, Wilshire 5000 all still green. Five of the six that turned red today are at levels so high (cross-wise) as to make the signals lines unreliable.