Esteban; RE:" INDU,D INX/OEX,D SPY SOX.X,D PSE.X,D NDX.X,D "
INDU,D is a little shooting star or, failed rally.
INX & OEX,D are Dojis with no legs. In my experience, these Gravestone-like Dojis are bad news, Esteban. But then, it's a holiday, so anything can happen in 48 hours.
The OEX had a Doji pause yesterday, and then this "top" looking thingy today.
SPY - Opened up and went down all day, failing to bust 96. Friday is beginning to look like some kind of TOP (?) and 96 is beginning to look like some kind of barrier, Esteban ?
The NDX.X looks good on paper, but I wonder how much of it was simply the rally in MSFT DELL CSCO ? COMPX made a Doji, so maybe these locomotives can pull the rest of the (TechStocks) freight in the NAZ - all the pulling power in the OEX has been limited to the INDU - type stocks so far.
SOX.X,D - well he opened at 295, went up to 300, and fell back -10 to ~290; still in his downdraft. Heavily weighted by INTC. I was glad to see VLSI hold 20, which is support on Monthly Chart. INTC made a Doji with essentially no legs, too - but I notice he's right on his UpTrend Line on the Daily Chart. TXN was weak, MU is tryin' to hold support at ~25, AMAT and KLIC have fallen down to their UpTrend Lines, too. The semis are making a triangle. The rule on a symmetric triangle, if I remember, is that any bust out or break down will indicate momentum, and the extent is supposed to be equal to the vertical part of the traingle on the left side. I'm not a T/A expert, so maybe someone else can tell us about triangles.
PSE.X,D also made one of those "legless" Dojis, and again, we need a triangle reader to help us with the semis and semi- equip charts.
Listless trading today, so I'm not sure how much we can read into the candles. Folks seemed attracted to specific issues (MSFT IBM), and dumped semis and semi-equip stocks. CPQ/DELL attracted some interest, but the action there doesn't start until DELL gets to ~87. HWP and MOT looking very weak.
>> INDU's UpTrend is still intact.
-Steve |
