Replies to Post #28039 onCycle Trading

Replies to #28039 on Cycle Trading

05/25/23 10:25 PM

I believe Nasdaq is up today because NVIDIA is up. NVIDIA is up because of a bold statement made during their earnings call last night, Something about AI producing 11B in earnings in Q2. Huge move today based solely on bold talk. A sign of a topping market if you ask me. GLTY

https://www.cnbc.com/2023/05/24/nvidia-nvda-earnings-report-q1-2024.html

No-Quarter

05/27/23 8:49 AM

#28043 RE: Duma #28039

I believe the NASDAQ is rising solely due to AI hype. The NASDAQ Breadth indicator shows at best indecision, not a clear direction.

https://stockcharts.com/h-sc/ui?s=%21ITBMRANAS&p=D&yr=1&mn=1&dy=1&id=p12632900416&a=1330618129

The Small Caps Breadth indicator shows similar indecision. Hard to swing trade successfully with indecision in these indicators.

https://stockcharts.com/h-sc/ui?s=%21ITBMRASML&p=D&yr=1&mn=1&dy=1&id=p12632900416&a=1330618129

The trend indicators for the broader S&P continue to point downward though.

https://stockcharts.com/h-sc/ui?s=%21ITBMRASPX&p=D&yr=1&mn=1&dy=1&id=p12632900416&a=1330618129

The head and shoulders pattern on this one is clear too.

https://stockcharts.com/h-sc/ui?s=%24NYSI&p=D&yr=1&mn=1&dy=1&id=p03308566192&a=1330618129

https://stockcharts.com/h-sc/ui?s=%24BPSPX&p=D&yr=0&mn=4&dy=1&id=p90415635758&a=1330618129

My crystal ball indicates the big picture is still intact. No indecision present. GLTY

Update:
S&P 500
1929 vs 2023

The S&P 500 index was officially created in 1957, but data from the predecessor indexes and companies it tracks goes back to 1871.

This data is compiled in the chart you see and represents an accurate picture of what happened back in 1929. https://t.co/YTvFkbMlKQ pic.twitter.com/8jwOsPD1UR
— Financelot (@FinanceLancelot) April 17, 2023