12 replies to this topic

[CLK]

http://stockcharts.com/c-sc/sc?s=$NYSI&p=D&yr=3&mn=0&dy=0&i=p70940149676&a=107447902&r=7694.png

[fib_1618]

Turning or hook ?

We'll know better in the next day or so, but the odds, as well as the full stochastic, suggests that we're turning.

A longer term perspective of both the NYSE and NASDAQ MCSUM's are shown below.

Fib

http://stockcharts.com/c-sc/sc?s=$NYSI&p=D&st=2002-01-01&i=p82053011274&a=16964342&r=969.png

http://stockcharts.com/c-sc/sc?s=$NASI&p=D&st=2002-01-01&i=p55516286351&a=11182414&r=345.png

[Russ]

Turning up or down?

[CLK]

Turning up or down?

Up.

[jmicou]

The NYSI turning up above the 500 level generally would not be seen as bearish. Looking at the tech laden NDX, the Volume MCSUM of Decision Point appears to have consolidated and turning up. Unless it fails, this area can be where price acceleration can occur. We'll see:

Edited by jmicou, 31 May 2007 - 07:37 PM.

[Mr Dev]

There is absolutely no question that this is way overbought and diverging !

Edited by Mr Dev, 31 May 2007 - 09:01 PM.

[jmicou]

There is absolutely no question that this is way overbought and diverging !

The problem with the DOW MCs and related indicators is that there is not enough history to gauge its extremes as compared to price behavior. I made a comment at TW about maybe the DOW taking a breather while the NDX and such move up. A breather could just be a consolidation. But, if the other indexes get to humming...

Last week pointed out that the Qs could get dicey below 46.95, but there was a lot of horizontal support. Support held and now it's well above 47. The NDX MCs are not in a bearish configuration. Other that stuccato downdrafts, the trend has remained relentless up for a very long time.

[Mr Dev]

Then trust me 1500 is overbought on the summation! And there is history one can associate with that!

Edited by Mr Dev, 31 May 2007 - 10:39 PM.

[Mr Dev]

J, Agree about the NDX summation, as it's just now turning up out of a multi week divergence to give us one of those funny buy signal at this time.

[jmicou]

J,
Agree about the NDX summation,
as it's just now turning up out of a multi week divergence to give us one of those funny buy signal at this time.

Watching to see is 13363 area becomes support for the DOW. If so, then the next target could be the 14181 area. Would like to see the NDX outperform the DOW at this juncture. Another fairly positive breadth day on the NDX and a lot of buy signals could be generated.