AUG 1 INDEX UPDATE(intraday)
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Posting an intraday update since there is an important development. I have a INTRADAY NEGATED CLASS 1 SELL signal on the SOX. If the SOX closes near/at its highs that would be a firm NEGATED SIGNAL.
NEGATED CLASS 1 SIGNALs do not happen often, but when they do the move can just continue. What a NEGATED CLASS 1 SIGNAL means is that there is a specific TECHNICAL BREAKOUT or BREAKDOWN, which also implies that my short-term technicals are useless. In other words, this breakout in the SOX could continue or end at anytime, and theres no way to tell, specifiicly, per my short-term technicals.
Im not turning overly bullish yet since the DOW/SPX/OEX have not net significantly broken above yesterdays highs, which signaled an INTRADAY CLASS SELL signals. The NAZ/NDX have broken above yesterday's highs, but not by alot, which is a bit surprising in light of the strong breakout move in the SOX. Also want to mention that MSFT is flat/slightly down in light of the strength in the SOX.
Please keep in mind that I did not get CLASS 1 SELL signals on a closing basis, except for the SOX. As mentioned often, a CLOSING CLASS 1 SIGNAL is more reliable than an intraday signal.
With the SOX doing so well, but the NAZ/NDX/SPX/OEX/DOW doing just so-so, is this a possible hint of sector rotation, money from the DOW and other HiTECH SECTORs fuel a further rally in the SOX, or will the other lagging indices eventually move in line/catch up to the SOX.
Not that I normally focus on one stock, but since if covers about 11% of the whole NAZ/NDX, we need to watch MSFT as an important key for market/index direction. |
