Hi James, Notice how the NASD and the RUT both closed above their 200 dma today.
stockcharts.com[h,a]daclyymy[dc][pb50!b200!b21][vc60][iUb14!La12,26,9]
and the SOX, which has been religiously being bought at it's
21 dma the past 2 months, saw a potential wash out close below it's 21 dma yesterday, but then the buyers and bulls came racing back today.
stockcharts.com[h,a]daclyymy[db][pb50!b200!b21][vc60][iUb14!La12,26,9]
pretty nice technical performance from the SOX and NASD.
Remember the NASD was the first index to get above it's
50 dma, so it's been a good leadership guide recently.
The real crunch day for the NASD was at the end of Oct.
It had first been turned back at it's 50 dma, then managed
to close above it for 5 days, before falling below it for
1 day. But it caught support just below fromt he rising
21 dma, and it was back above it the next day.
This has been 2 excellent examples of the NASD falling
below a key Moving Average support line for a day, (the 50
dma in late Oct and the 21 dma yesterday) but that was it
for the sellers, and the buyers reasserted themselves and
got the NASD back in bullish mode the following day.
Interestingly, the NDX did not go below it's 21 dma
yesterday, but is still below it's 200 dma.. quite minxy
-g-
stockcharts.com[h,a]daclyymy[dc][pb50!b200!b21][vc60][iUb14!La12,26,9]
The also strong XBD broker index, has firmed today and
is back at it's 200 dma at 474
stockcharts.com[h,a]daclyymy[db][pb50!b200!b21][vc60][iUb14!La12,26,9]
John |
