AI
Friday, October 31, 2008 4:55:11 PM
QuickSummary ArtHuprich FriMorning Comments
Click on "Replied to Msg" to read and see all his charts.
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Thursday, within the context of an intermediate-term downtrend and short-term basing period, rallies can be sharp and fast, in my opinion! At the final bell yesterday, following another session of wide intra-day swings, the DJIA (9180.69) gained almost 190 points. NASDAQ (1698.52) tacked on 41 points, and the small and mid-cap indices recorded some good relative strength versus the bigger cap indices.
On the NYSE volume contracted to 1.33 billion shares. There were 1,994 net advancing issues. While the relative strength lines of the Telecommunication and Utility macro sectors of the S&P are exhibiting positive action (joining Healthcare and Consumer Staples), signs of emerging leadership are difficult to spot. This is evident by only five new 52-week highs on the NYSE.
Friday, Morning
While the chart shown below of the DJIA is a little busy, I think it depicts an index that is rebuilding a short-term base. You can also see the underlying support levels (8143 and 7882) as well as overhanging levels of selling pressure (9390ish and 9794). Please use them accordingly.
Additionally, you’ll notice that a short-term MACD buy signal has now been registered. I last discussed this indicator in August. Back then, it took a few weeks for the signal to take effect.
Like a heart attack patient who doesn’t immediately get up and start running a marathon, until proven otherwise, I will respect this short-term buy signal but wouldn’t be surprised if there is a similar lag effect.
Click on "Replied to Msg" to read and see all his charts.
Click on "Replied to Msg" to read and see all his charts.
=========================================================
Thursday, within the context of an intermediate-term downtrend and short-term basing period, rallies can be sharp and fast, in my opinion! At the final bell yesterday, following another session of wide intra-day swings, the DJIA (9180.69) gained almost 190 points. NASDAQ (1698.52) tacked on 41 points, and the small and mid-cap indices recorded some good relative strength versus the bigger cap indices.
On the NYSE volume contracted to 1.33 billion shares. There were 1,994 net advancing issues. While the relative strength lines of the Telecommunication and Utility macro sectors of the S&P are exhibiting positive action (joining Healthcare and Consumer Staples), signs of emerging leadership are difficult to spot. This is evident by only five new 52-week highs on the NYSE.
Friday, Morning
While the chart shown below of the DJIA is a little busy, I think it depicts an index that is rebuilding a short-term base. You can also see the underlying support levels (8143 and 7882) as well as overhanging levels of selling pressure (9390ish and 9794). Please use them accordingly.
Additionally, you’ll notice that a short-term MACD buy signal has now been registered. I last discussed this indicator in August. Back then, it took a few weeks for the signal to take effect.
Like a heart attack patient who doesn’t immediately get up and start running a marathon, until proven otherwise, I will respect this short-term buy signal but wouldn’t be surprised if there is a similar lag effect.
Click on "Replied to Msg" to read and see all his charts.
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