Live Update

Tuesday, September 15, 2009

09/15/2009 Market Recap: NYSE percent of stocks 2 standard deviations above MA200


INDU still lags, but may catch up later.

Expect at least a short-term pullback.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Up    
Intermediate Up Neutral  
Short-term Up Neutral  
My Emotion Wait   Could repeat what happened after 8/17, so be careful bears.


1. SPX has no serious resistances until 1200ish but chart 0.0.3 SPX Intermediate-term Trading Signals has too much negative divergence, so bulls still should be careful.

2. 1.2.0 INDU Leads Market, INDU still failed to confirm the SPX new high; 1.2.1 Dow Theory: Averages Must Confirm, TRAN too has yet confirmed the INDU’s new high. Personally, I won’t weight these too much because they may catch up later.


7.1.1 NYSE Percent of Stocks Above MA200, very close to the 2004 high. Pay attention to the dashed vertical line, SPX (green curve) at that time became flat and pulled back eventually.  Moreover, a very special chart I’d like your attention today, is T2111 from Telechart - NYSE percent of stocks 2 standard deviation above MA200, which reached an all time high today. I don’t think this could last long.

NYA200R T2111

1.0.3 S&P 500 SPDRs (SPY 30 min), too much too large negative divergence, plus CPCE <= 0.56 mentioned in the After Bell Quick Summary, so still possible a short-term pullback is due.


7.3.2 SPX Cycle Watch (60 min), a cycle is due today which means that SPX could turn down within days.


T2103 Zweig Breadth Thrust from Telechart, overbought, the reading now is very close to an all time high.


 3.1.2 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min), lots of positive divergence, so still US$ could rebound which is not good for the stock market.


Oh, one more thing, I noticed: Bears are very quiet today… :-)

blog comments powered by Disqus


The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.

This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.