Zeev, funny that you mention the naz high /lows actually today on pnf they issued a spread triple bottom sell signal and now the naz lows has nothing to stop it from dropping to anywhere from -23 to -105 net issues if the naz chooses to. I invite you to have a peek at the summations of each index. Moss can't even stick as they have been sliding down the hill. The nyse or $nysi has already retraced about 78% of the rise from march. At the rate of descent currently it will issue a sell signal and be below the march rally start level in 10 to 14 trading days. The $nasi has only retraced about 35.6% of its rise and still has near term support so the dow does seem weaker once again. Question is will the dow now lag to allow the naz to catch up in descent?? The naz is the one with the better sell signals as in the sell signal on the $bpndx.
Good point about the new highs on the NYSE. The new lows may have been impacted by the rapid ascent in the TNX last week, as there are some interest sensitive issues there.
I'm prepared for a low tomorrow anywhere from NDX 1207 to 1193-1197. From there I think we'll bounce for a 50% re-trace of the drop off last week's highs, in agreement with the upper targets you've mentioned.
The sweet spot I see is NDX 1197, which would correlate with somewhere around COMP 1630.
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