Trey: Well the Index Update man is not posting often enough for me to bounce my stuff off of him. I trust he is doing ok. So, I am going to post it to the resident Columnist...<g>
Indicator Signals: (Computed using End of Day Theoretical Data)
A – Short-Term (Buy/Sell)
B – Short/Medium Term (Buy/Sell)
C – Medium/Long (Buy/Sell)
D – Long-Term Confirmation
1) The following Indices are currently in B & C Buy Signals and D Sell Signals.
2) The following Indices have recently received A Sell Signals.
Dow Composite, Dow Industrials, Dow Transports, NYSE, SPX, NASDQ Composite and RUT. In addition, my new NYSE Advance/Decline Short-Term Indicator rendered a Sell Signal on 11/09.
Several Indices are forming Bull Flags. (Actual Intraday 60 Minute Charts) Dow Industrials, NYA and SPX. A Bull Flag is by definition a descending trading range that can be considered a consolidating pullback from a rally.
The Dow Industrials Bull Flag can be identified by:
Flag Poll: Connect the Low of the first hour of 10/28 to the High of the first hour of 9/1
Upper Descending Trend Line: Connect the High of the first hour on 9/1 to the High of the first hour of 11/1 and extend.
Lower Descending Trend Line: Connect the Low of the sixth hour on 11/9 to the Low of the sixth hour on 11/11 and extend.
The one day projection for the Upper Descending Trend Line for Thursday is: 8915/8885. The one day projection for the Lower Descending Trend Line for Thursday is: 8790/8760.
A break above (the normal break) would find next resistance at price action areas: 8950 and 9000. A break below (a negating break) would find next support at price action areas: 8750, 8700, 8650 and at the 200 day SMA at 8628.
Regards,
LG |
