Replies to post #17972 on ajtj99's Market Pulse

[Justa Werkenstiff]

On Friday, the Russell 2000 got 6.85% above its 50 dma. That exceeds the average for the past four cycles of 6.69%. The range for the past four cycles has been 7.59% to 5.90%. What has followed after a peak has been a correction to the 50 dma.

[Justa Werkenstiff]

I did not get signs of confirmation today on the topping indicators. I did not get negation either. The indicators are rolling over and that is bullish in that it could mean some up. If they roll over in earnest that would be short term bullish like a nosebleed <g> but much more bearish intermedaite term. This is tricky here with opex and earnings.

[Justa Werkenstiff]

The Nasdaq tentaive Nasdaq sell signal I got on Friday shows excellent signs of confirmation this morning. Will have to wait until the close.

Regarding the signal, I said Monday at the open: "It means upside is capped to the highs of Friday with a possible intraday overshoot before a correction."

Looks good so far as that has actually happened.

As I said yesterday at the close, the indicators strating rolling over but did not negate. Today, so far, they are firming up nicley. Again, will wait for close.

With that said, they will not sell this market down in earnest at least until after more earnings are reported. Nas has an 82% chance of being up tomorrow.

So far, market is giving the predicted prolonged topping process from which it should correct.

All fwiw.