An NYSI bullish reversal showed up yesterday since it went down May 10th, indicating a rally in early June ...................
Edited by redfoliage2, 28 May 2021 - 09:41 AM.
McClellan Summation Index
Started by
redfoliage2
, May 28 2021 09:31 AM
24 replies to this topic
#2
fib_1618
-
- Traders-Talk User
- 10,145 posts
Member
Posted 28 May 2021 - 10:02 AM
The bulls still have gap resistance to overcome but, yes, the intermediate term trend of breadth has turned to the buy side going into next week.
Close the gap, and the market will rally into early July.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
#3
LMF
-
- Traders-Talk User
- 801 posts
Member
Posted 28 May 2021 - 12:13 PM
Yesterdays session was probably one of the best 4 alarm fires for price suppression on TQQQ Ive ever seen. Max buy on the close and hold on.
#4
fib_1618
-
- Traders-Talk User
- 10,145 posts
Member
Posted 28 May 2021 - 01:25 PM
Yesterdays session was probably one of the best 4 alarm fires for price suppression on TQQQ Ive ever seen. Max buy on the close and hold on.
NDX breadth is positive, but the volume component, as measured by the NDX volume MCSUM, is still under its zero line. Until this indicator goes positive, prices for this basket of issues will "huff and puff" their way higher (this is the "suppression" you're noting). Overall, though, the broader NASDAQ Composite Index has firmed up in the last week, and we should see a challenge of the all time highs as soon as next week because of this.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
#5
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 02 June 2021 - 07:24 AM
The U.S. stock market has been in a narrow consolidation since last Tue. May 25, following the 150 SPX point rally from the double bottom. I see new highs ahead after the consolidation is done ....................
#6
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 04 June 2021 - 10:08 AM
Today is a good day to lock up some profit and that's what I did, seeing buying dips and selling bounces should work well in June...................
Edited by redfoliage2, 04 June 2021 - 10:11 AM.
#7
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 04 June 2021 - 12:23 PM
Fed meeting on June 15 and 16th, and it's going to be a range-bound market till then .......................
#8
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 04 June 2021 - 01:06 PM
BTW, I noticed that equity PC ratio now stands at three month low, usually at a swing top for stocks.........................
#9
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 04 June 2021 - 01:48 PM
I just unloaded all my ES longs bought at the recent dips. We should see more dips/bounces next week if this is not a swing top yet ......................
Edited by redfoliage2, 04 June 2021 - 01:49 PM.
#10
redfoliage2
-
- Traders-Talk User
- 18,000 posts
Member
Posted 04 June 2021 - 02:36 PM
Likely a down day next Monday. It's a traders heaven in the current market environment ............................
Edited by redfoliage2, 04 June 2021 - 02:45 PM.
