Replies to post #99181 on Zeev's Turnips Patch-No Politics (ZEEV)

[TREND1]

Jerry
I do not even plot the S and P 500(g)
Zeev and I live in the Nasdaq market.
What is your take on $BPCOMPQ ?

[ajtj99]

Jerry, as you watch the P&F, you recall that at the Feb. lows, the BPSPX and BPINDU were at extremes while the BPNDX and BPCOMP were not.

If the BPNDX and BPCOMP are at extremes here, why do we have to wait for the BPINDU and BPSPX to get to extremes?

I guess what I'm saying is that we could have the opposite of what we had in February happen (reversal due to extreme BPCOMP and BPNDX instead of extreme BPSPX and BPINDU).

[ajtj99]

Jerry, if you look at the BPNYA weekly, you'll notice that we usually top out within 5% of the upper Bollinger Band once we get past the 20EMA:

http://stockcharts.com/def/servlet/SC.web?c=$BPNYA,uu[h,a]wallyyay[d20000101,20030429][pc20!d20,2][v...

Right now the BPNYA weekly is at 46.49. If we went up to 52 or 53, the top might be cemented. A wonder ramp would do that.

As for the BPSPX, I agree it could have a ways to go. However, we're not sure how many charts will become bullish if the SPX hits 910 or 920. We might get to 60 on the BPSPX weekly if that happens, and the full stochs on the weekly might approach the 80 level on the 14,3 setting.

http://stockcharts.com/def/servlet/SC.web?c=$Bpspx,uu[h,a]wallyyay[d20000101,20030429][pc20!d20,2][v...

The way this market is behaving, we are not going to get that pullback to 843 you're looking for before we take out this week's highs. If that's the case, I think we have to look at any further advance as a terminal wonder ramp that may cement a top for many months.