NOV 10 INDEX UPDATE
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Short-term technical readings:
DOW - overbought region, DOJI
SPX - overbought region, DOJI
OEX - overbought region, DOJI
NAZ - upper midrange, PENDING INTRADAY CLASS 1 SELL, DOJI
NDX - upper midrange, PENDING INTRADAY CLASS 1 SELL, DOJI
VIX - oversold region(inverse to market)
NAZ NET NEW HIGHs-LOWs = NEGATIVE 3
NAZ ADVANCE-DECLINE = 83 in favor of decliners
Per the recent intraday CLASS 1 SELL signal, I believe the short-term top on the NDX was set last THUR with the intraday highs of 1580. As long as 1580 holds, further selling should continue.
This coming week is expiration week, which is commonly up/flat, but in light of the recent rally we possibly could see some selling this expiration week. On the other hand expiration week could also skew things and delay the selling to some degree. Heck if I know. As long as 1580 holds, there could be more downside, so I would not get overly bullish with some up oscillations unless 1580 is broken to the upside.
With the NAZ flat, the NAZ HI-LOs and ADVANCE-DECLINE were slightly negative. It wasnt overly negative, but its fair to say that they were not signs of strength.
EDIT: almost forget to mention that there may be the possibility of a 3-DAY PATTERN on the NAZ/NDX(DOWN-FLAT-DOWN), where MONDAY should be DAY-3. The last time a possible 3-DAY PATTERN occured around expiration, it was negated. Just wanted to make mention of it. |
