DJIA, NASD, NYSEBP etc..
I just took a look at the charts for the above and thought I would give a perspective of what seems to be going on.
The NYSE BP after reversing down has created what seems to be a higher bottom. It did improve on the week and did is in the middle of reversing back up. The Optional BP is also doing well and looks to reverse up before the NYSE BP. Of course, this has not happened yet but it is looking positive for both indicators. Both didn't sell off to the lows of September and this shows demand is still in control at this point even if we are in O's.
At the same time, the DJIA sold off to a higher bottom, reversed up and is now in O's. Didn't reverse back up today but if it continues in this trend, it will be a much higher bottom. As a note, should a sell off occur, it would take 560 points from todays close to break all near term support. The base being built by the NYSE BP is like a powder keg. it's huge. If you have DWA, take a look at these charts.
The Nasdaq bounced off the bottom of its trading band and seems to be making a nice comeback.
All in all, more stocks are retaining their buy signals than they did in September. I know things are volatile, but looking at the overall picture, demand seems to be winning. Still look for solid FA stocks and RS reversals to the upside.
Take care,
Jan I am |
