The Hourly SPX and NASDAQ models remain Short and VXX Hourly remains Long.
This morning’s gap-up Open was erased briefly at the release of Bernanke’s prepared remarks, then just as quickly as the rally failed, they put it back on again. With no new signals and the lack a significant reaction [Read more...]
The DJIA Hourly did reverse Short, but we use SPX and NASDAQ for tracking (and trading) purposes.
VXX, SPX and NASDAQ 240 Minute Trend Models are now LONG.
Note also that GS is in Long_Pending Mode.
Finally, TLT is in Short_Pending Mode.
Thursday’s Market Analysis
Today represented the biggest rally so far in the DJIA, S&P and NASDAQ for the entire month of July. Let’s take a closer look.
Note that after the Opening 3 minutes the market went sideways all session, closing just [Read more...]
Going into the last hour of trading, the DJIA and NASDAQ 240 Minute Trend Models have already reversed Short, with the SPX 240 in Short_Pending mode. More after the close.
Three different stocks, three different time frames putting last few days market action into context. Still looks to me like market (NASDAQ) is headed lower; volatility (UVXY & VXX) headed higher.
Today’s rally is is enough to push DJIA Daily into a Long_Pending mode, but is not yet strong enough to turn the Hourly SPX and NASDAQ models Long:
For perspective, here is where we are on the Nasdaq Daily chart:
Even if the DJIA Daily Trend Model does reverse Long [Read more...]
This morning’s low on the DJIA was 12,316. It is now trading off its low at 12,371. You can see on the chart above how important 12,300 is as support. NASDAQ has already broken through its counter-trend support line and looks like it wants to test its prior [Read more...]