Here are the complacency indexes this morning.
ST Naz CI: 28.806, 77.313
MT Naz CI: 64.054, 88.546
LT Naz CI: 88.590, 95.707
ST S&P CI: 56.073, 61.538
MT S&P CI: 60.401, 70.724
LT S&P CI: 89.115, 89.878
QQQ has tried to hold above the 200 SMA again today, but it fell through it for just an instant a minute ago, hitting 40.56. The 200 is at 40.61. The 200 has become the new support level for the Naz. How long that'll last, I don't know. For the Naz, the 200 is at 1937. Right now, the NDX is a few points below the 200. Maybe that means trouble.
The CI's have been moving wildly up and down, and there haven't been any good extremes lately that provided clear signals. Maybe allelomimetic trading provides more of a clue:
"WOBBLER (horse): A young horse that shows swaying action of the hindquarters, stumbling, and distorted movements, particularly when trotting."
I suppose it also says something that so far, the shills haven't been able to hold up the market for PRU's debut.
EDIT: QQQ is now breaking below the 200 again -- well below it, at 40.47. That's not good news, folks. That was supposed to be the new support level. A foundation of mud, ya know. |
