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Strategies & Market Trends : Ted Warren's Investolator
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To: robert b furman who wrote (1538)6/16/2024 4:53:14 PM
From: WEagle   of 1795
 
Hi Bob,

I haven't kept up with the counts posted by Breeze for the last few days. Not sure what he has been suggesting for the count for the DJIA, SPX, and broader indexes. I've recently spent a lot of time developing code to produce plots of DJIA (or any other index for which I choose to record the data) HLC daily bar chart and charts with as many different curves as I want to put into a single chart. I'll have to share some of these plots with you sometime soon.

For the CLX, I feel that it is still slightly unfavorable right now -- still too many positive daily counts. The trouble is we do CLX analysis for an index of only thirty stocks. The DJIA has generally continued to produce too many slightly positive counts which isn't good for finding an oversold condition. Most of the time the DJIA is an adequate representative of the broader market, but not always.

The full moon just passed this past Friday so that is now in our favor. Sentiment is beginning to get into a more favorable range and especially CNN's Fear and Greed indicator which I see as a short term sentiment indicator.

Seasonality is one more forecaster of things to come but just like all other TA indicators, it shows tendencies, not guarantees.

WEagle
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