ajtj99's Market Pulse

[ajtj99]

No time to post charts, but tonight I looked at daily charts of the following indices:

Dow, S&P 500, S&P 400, Wilshire 5000, Nasdaq, Nasdaq 100, NYA, BKX, NWX, EEM, and TRAN.

They all seem to be in rising wedges or 3-wave bearish moves off the November lows.

I also looked at large cap charts like GE, GS, MS, MSFT, CSCO, INTC, AAPL, GOOG, DELL, KLAC, and many others and most seem to be rolling over from overbought or near overbought and in similar bearish daily consolidations. Furthermore, it looked like they were levitating the NDX today using GOOG, which was something they were doing at the end of the 2007 rally when breadth fell apart.

The volume off the November lows has been very low. Momentum seems stalled. The TNX keeps drilling lower.

It doesn't look anywhere near as bullish here as it did a week ago.