Fair value for tomorrow:
Naz close: 3790.61, fair value 3852 = 62 pts above.
SPX close: 1451.21, fair value 1471 = 20pts above.
Substract 62 pts from the futures to guess Naz open,
NDX is at 97.25% from the COMPX, divide your NDX guess by .9725 to guess the COMPX open.
Nasdaq volume, 1.8 bil and we are UP. Mild TRIN 0.72.
Back above the Summer uptrend line, we have tested the 4 year old uptrend line, 3696 seems to havebeen a double bottom and the 3800 Fib seems to be the intermediate term low (Mar-May slump 62% fall is at 3840, May-July 62% retrace is at 3804, Aug 38% retrace is at 3803). We closed above 50% retrace of Aug rally and above 10 DMA (3895).
All we have to do is to close above the other averages.
Negative reading, the double bottom is also the neckline of a possible H&S formation on Aug-Sep, but this H&S does not ppears on the NDX.
INDU reversed course this afternoon, so: two possibilities, either the bearish diamond, or NiteOwl's bullish cradle.
But, elections are within two years and which candidate would like to see the voters loose their money on the markets? |
