The Technology Sector is still leading the market, but participation within that sector is beginning to fade considerably from the levels measured at the market top on June 10: The Silver Cross Index, which shows the percent of stocks with the 20EMA above the 50EMA, is down -20%...
Today the OEX triggered a new PMO crossover BUY signal. The OEX chart looks somewhat positive given the bullish ascending triangle and new BUY signal; however, resistance seems to be holding and the OBV shows a bearish reverse divergence...
Carl and I have been bullish Gold for some time and it is continuing to pay off. It has certainly been one of the super stars lately and based on the 10 minute bar chart below it is set up to continue higher...
Today on the Consumer Staples ETF (XLP), the 50-EMA crossed above the 200-EMA which technically puts XLP in a "bull market" configuration. However, the chart isn't that impressive to me right now. As Staples generally do, it is in a trading range and it hasn't busted out yet...
The S&P 500 preliminary earnings results for 2020 Q1 are out, and based upon GAAP (Generally Accepted Accounting Principals) earnings, the S&P 500 is far above its normal value range...
We had two signal changes in the short term. The NDX had a ST PMO crossover BUY signal kick in. The Dow managed a ST Trend Model BUY signal when the 5-EMA crossed above the 20-EMA. I've included their charts below the DP Scoreboards below...
I mentioned to Erin on our StockCharts TV show this week that I thought that the market participation was narrowing somewhat like it did in 2000...
In this episode of DecisionPoint, Carl reviews the DecisionPoint charts that track "fair value" based on earnings and earnings estimates...
What's interesting to note today is the large-cap big names are really driving this market. The SPX was up 0.5%, the SPY was up 0.7% and yet the Equal-Weight SP500 ETF (RSP) was only up 0.14%...
Today the 50-EMA crossed above the 200-EMA on the Materials ETF (XLB). This triggered a new Long-Term Trend Model BUY signal. The chart below (from our Sector ChartList on DecisionPoint.com) shows that XLB broke out of a symmetrical triangle continuation pattern...
Our Short-Term Trend Model triggered three Neutral signals on the DP Scoreboards today. While that may be counterintuitive, it really tells us that there continues to be weakness under the surface and despite a nearly 1...
On our StockCharts TV show I featured this chart. The Technology Sector recently made all-time highs, but, at the same time, a large number of negative signs threw a lot of shade on the picture...
Utilities have been in a declining trend since the beginning of the month and now they have formed a large double-top on the daily chart. The IT Trend Model SELL signal triggered when the 20-EMA crossed below the 50-EMA while the 50-EMA was below the 200-EMA...
In this episode of DecisionPoint, Erin reviews the Nasdaq 100's PMO BUY Signal and its whipsaw back into a SELL signal on Wednesday. Carl showed us his new "market bias" view of the Swenlin Trading Oscillators (STOs) and IT Breadth/Volume (ITBM/ITVM)...
Today saw very climactic negative readings on the Net Advances-Declines and Net Advancing Volume-Declining Volume. I like to evaluate these when they arrive as either an initiation or exhaustion...
The tech heavy Nasdaq 100 saw a new Price Momentum Oscillator (PMO) BUY signal today as prices gapped up and closed up +0.78%. Meanwhile if you look at the other three DP Scoreboard indexes below the NDX chart, you'll see that all of their PMOs are falling...
Years ago it occurred to me that we should consider market "bias" when interpreting the condition (overbought/oversold) of market indicators. Here is how bias works: BIAS = BULLISH: Overbought conditions may not impede upward price progress...
Carl and I had a discussion offline last week about the pending brick wall that is the economy and the dichotomy of the stock market rising despite terrible economic news nearly everyday...
Years ago it occurred to me that we should consider market "bias" when interpreting the condition (overbought/oversold) of market indicators. Here is how bias works: BIAS = NEUTRAL: Overbought conditions result in a price pullback until conditions are oversold...
I was looking at the VIX very closely this afternoon. I have been watching carefully to see if the VIX can get back above its 20-EMA on the inverted scale. So far no luck. One of the ways we can monitor internal strength is to follow what the VIX is doing...