weekly ADX charts:
DOW:
stockcharts.com[w,a]waclyyay[df][pb50!b200!f][vc60][iUa12,26,9!Ll14]&pref=G
SPX:
stockcharts.com[w,a]waclyyay[df][pb50!b200!f][vc60][iUa12,26,9!Ll14]&pref=G
COMPX:
stockcharts.com[w,a]waclyyay[df][pb50!b200!f][vc60][iUa12,26,9!Ll14]&pref=G
NDX:
stockcharts.com[w,a]waclyyay[df][pb50!b200!f][vc60][iUa12,26,9!Ll14]&pref=G
OEX:
stockcharts.com[w,a]waclyyay[df][pb50!b200!f][vc60][iUa12,26,9!Ll14]&pref=G
the +DI/-DI lines have or are about to cross for the first time since, well, since the last major market turn...ADX is a latent indicator
better used in the weekly or longer timeframes...what the charts above are showing is possibly the end of this bear
ADX charts on SPX/OEX are very bullish imo...also check the MACD at july/august/march lows
on the COMPX/NDX, a DI+/DI- cross with ADX well below and turning with +DI, compare the aug 2000 ADX and now...deja vu in reverse? bloody bullish imo
the DOW, if the above charts are signalling what i'm now thinking is probable, will follow the others
this is on the weekly charts...the weeklies! this is something a market TA student must pay attention to for change in major trend
conclusion: looking at these charts, this market is going higher and by a significant amount...short side will need to tread carefully...
intermediate targets are 990 SPX, OEX 525, NDX 1300, COMPX 1700, DOW 9000+...the june/july 2002 highs
we could very well see new lows after these highs, but not before...at a humble 80% confidence interval
let the bullets fly and may your aim be true...lol
cheers |
