Short Term Trading Member Forum

[techcharter]

Dow leading the decline.

With more downside ahead.

The Dow is pulling away from 50 and 200 day averages after failing twice to mount a rally above the 200 day average the last 3 months. The MACD started its rounding over before the Dow finished its rally a few weeks ago. This waning momentum is characteristic at reversals.

Bollinger bands continue to point down.

Today's inverted hammer candlestick doesn't look good either. All the good news on earnings were met with selling pressure.
Stochastics indicate an oversold condition, but can remain at extremes for awhile.

http://stockcharts.com/def/servlet/SC.web?c=$INDU,uu[w,a]dacayyay[db][pb200!d20,2!f][vc60][iLp14,3,3...


The NASDAQ has some catching up to do to get to the same relative position of new lows as the Dow. The NAZ too has been repelled by the 200 day avg.

The MACD indicates a turn down.
The upper Bollinger Band is rising to give the appearance of widening bands, indicating a dramatic price change.
Stochastics are midrange from overbought.

http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dacayyay[db][pb200!d20,2!f][vc60][iLp14,3,...