NOV 3 INDEX UPDATE
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Short-term technical readings:
DOW - midrange
SPX - midrange
OEX - midrange
NAZ - midrange
NDX - midrange
VIX - midrange
NAZ NET NEW HIGHs-LOWs = NEGATIVE 10
MIDRANGE readings again(flip of a coin region), and right before the FOMC meeting on TUE. So if the news is interpreted as being very good, then a bit more upside, and if it aint too good then some selling.
There really isnt much to say in this update, basicly no change to the previous/recent updates.
However, do want to again express the issue of HEAD % SHOULDERS PATTERNs, since these patterns are starting to form on all of the major indices. Previously I mentioned the possible H&S on the NAZ/NDX, but now it may also be appearing on the DOW/SPX/OEX. Again, not that I put alot of faith in H&S PATTERNs, since I have seen quite a few fail, I do want to mention it again since it may be forming on all of the major indices. The simplest way to have the H&S invalidated is for the indices to set local higher highs, but until that happens, and I aint predicting, Im not sure I would want to get overly bullish right now.
Market internals again are not supporting a strong rally, not to say that its overly negative either. Its basicly BLAH, which is in line with mid-term readings(BLAH again) in my short-term technicals right before important announcements(FOMC). BLAH/BLAH/BLAH!! |
