I was unable to find the time to do a complete Road Kill Update last night, as has been the case this year....sorry! However, I did take the time this AM to put together the following post with linked charts and a brief analysis of each...I trust it is worthy of your review!
My QChart NYA (NYSE Composite) 60-Minute Semi-Log
The negation of the bearish pennant was indeed bullish. However, the rally peaked almost exactly at the fib retrace level 83.3% (640.00). My longer-term (60-min) intraday stochastic and MACD are giving sell signals and Directional Movement is supportive. Expect a pullback from these levels. IMO, the medium-term trend is down and this was a correction rally until proven other wise. The Dow futures are slightly lower at the time of this post.
homestead.com
My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log
Once this index fell out of its bearish wedge, as is the norm, it found first support at my 1st support level. It then moved down and found support a little above my second support level. My longer-term (60-min) intraday technicals signaled a bounce as the index did just that. The index rallied finding resistance at a horizontal price action pivot point that occurred intraday on the 14th. Shorter-term intraday stochastic and MACD have given sell signals, while my longer-term (60-min) intraday stochastic and MACD are close to doing the same. Currently futures are supporting this expectation. IMO the medium-term trend is down and this was a correction rally until proven other wise.
homestead.com
My QChart SPX (S&P 500 Index) 60-Minute Semi-Log
This index is the closest thing to a balance between the weighted composite indexes of the two major US stock exchanges. However, it is biased toward the NYSE. After breaking above the downtrend channel it rallied almost exactly to the previous high. The indicators supported this rally. Now my longer-term (60-min) intraday stochastic and MACD are signaling a pullback from the level as Direction Movement supports the signals. Due to the divergence between the NYSE and NASDAQ Indexes, it is possible for the SPX to hit a new high while the two major exchange composite indexes fail to establish new highs. The SPX futures are slightly lower at the time of this post.
marketdirectionanalysis.homestead.com
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My QChart Trend Lines
Green lines are resistance trend lines or resistance horizontal price action areas.
Red lines are supportive trend lines or supportive horizontal price action areas.
Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action.
Dark blue lines are formation lines.
Light blue lines are previous formations.
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If you are interested in viewing the remaining charts posted this weekend you can find them on my Road Kill Chart Page on the MDA Web site at:
homestead.com
Regards,
LG
Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.
QChart/QFeed Disclaimer: Although I currently continue to use this service I can no longer recommend it in good faith, as the service has become unreliable, IMO. |
