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Thursday, May 10, 2018 10:43:17 AM
DP Alert: NDX First to Get IT BUY Signal - Bullish Indicators - Dow ST BUY Signal
By: Erin Swenlin | May 9, 2018
It's going to be one of those weeks apparently when we watch the DecisionPoint Scoreboards flip out. We have had seven signal changes starting May 4th. The reversals in the short-term trend is typical during volatile periods. What I'm most interested in right now are the bearish signals in the intermediate term. However, today, the first of those intermediate-term signals has moved to a BUY for the NDX. You'll also notice on our sector signal board below the DP Scoreboards summary, we are seeing some new IT BUY signals arriving. It wasn't that long ago that none of the sectors had BUY signals. We might finally be seeing a significant reversal, but we need to see the other indexes get on board.
SECTORS
Each S&P 500 Index component stock is assigned to one, and only one, of 10 major sectors. This is a snapshot of the Intermediate-Term and Long-Term Trend Model signal status for those sectors.
STOCKS
IT Trend Model: BUY as of 5/9/2018
LT Trend Model: BUY as of 4/1/2016
NDX Daily Chart: Since we had some signal changes on the NDX and Dow, I decided to include their signals above the chart. NDX is the first of the four major indexes to move to an IT Trend Model BUY signal. These signals occur when the 20-EMA crosses above the 50-EMA. I like this positive signal change, but more so because it comes on the heels of a nice short-term breakout. We've now reached territory we haven't seen since mid-March and that is encouraging.
IT Trend Model: NEUTRAL as of 3/23/2018
LT Trend Model: BUY as of 4/1/2016
INDU Daily Chart: The Dow chart isn't quite as bullish, but it's getting close. Price has just barely hopped over the declining tops trendline. The new ST Trend Model BUY signal was triggered when the 5-EMA crossed above the 20-EMA. OBV has now made it above the last top which is bullish. The volume pattern this week has been great on this rally, but I direct you to the late February top...it came off a similar volume pattern.
IT Trend Model: NEUTRAL as of 3/23/2018
LT Trend Model: BUY as of 4/1/2016
SPX Daily Chart: The SPX did break above the short-term declining tops line I had annotated in yesterday's DP Bulletin, so I decided to draw the declining tops trendline from the all-time highs. When we do that, today's trading did not breakout. The OBV isn't as healthy as the Dow's. Price has also not passed above last month's high. With the NDX looking more bullish, I admit that I feel more confident in the current rally but a break above that April top would improve my outlook even more...
* * *
http://stockcharts.com/articles/decisionpoint/2018/05/dp-alert-ndx-first-to-get-it-buy-signal---bullish-indicators---dow-st-buy-signal.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Erin Swenlin | May 9, 2018
It's going to be one of those weeks apparently when we watch the DecisionPoint Scoreboards flip out. We have had seven signal changes starting May 4th. The reversals in the short-term trend is typical during volatile periods. What I'm most interested in right now are the bearish signals in the intermediate term. However, today, the first of those intermediate-term signals has moved to a BUY for the NDX. You'll also notice on our sector signal board below the DP Scoreboards summary, we are seeing some new IT BUY signals arriving. It wasn't that long ago that none of the sectors had BUY signals. We might finally be seeing a significant reversal, but we need to see the other indexes get on board.
SECTORS
Each S&P 500 Index component stock is assigned to one, and only one, of 10 major sectors. This is a snapshot of the Intermediate-Term and Long-Term Trend Model signal status for those sectors.
STOCKS
IT Trend Model: BUY as of 5/9/2018
LT Trend Model: BUY as of 4/1/2016
NDX Daily Chart: Since we had some signal changes on the NDX and Dow, I decided to include their signals above the chart. NDX is the first of the four major indexes to move to an IT Trend Model BUY signal. These signals occur when the 20-EMA crosses above the 50-EMA. I like this positive signal change, but more so because it comes on the heels of a nice short-term breakout. We've now reached territory we haven't seen since mid-March and that is encouraging.
IT Trend Model: NEUTRAL as of 3/23/2018
LT Trend Model: BUY as of 4/1/2016
INDU Daily Chart: The Dow chart isn't quite as bullish, but it's getting close. Price has just barely hopped over the declining tops trendline. The new ST Trend Model BUY signal was triggered when the 5-EMA crossed above the 20-EMA. OBV has now made it above the last top which is bullish. The volume pattern this week has been great on this rally, but I direct you to the late February top...it came off a similar volume pattern.
IT Trend Model: NEUTRAL as of 3/23/2018
LT Trend Model: BUY as of 4/1/2016
SPX Daily Chart: The SPX did break above the short-term declining tops line I had annotated in yesterday's DP Bulletin, so I decided to draw the declining tops trendline from the all-time highs. When we do that, today's trading did not breakout. The OBV isn't as healthy as the Dow's. Price has also not passed above last month's high. With the NDX looking more bullish, I admit that I feel more confident in the current rally but a break above that April top would improve my outlook even more...
* * *
http://stockcharts.com/articles/decisionpoint/2018/05/dp-alert-ndx-first-to-get-it-buy-signal---bullish-indicators---dow-st-buy-signal.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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