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I agree that there is nothing seriously wrong with market breadth. I
would say that the NYSE is stronger than the NASDAQ market breadth.
Trying to determine a trend from the jagged lines that I get when I plot
total volume and new highs minus new lows is not very easy. A change in
trend can take several weeks before I can see that it is established,
(because of the these jagged lines). However when there is a trend
reversal they seem to be subtle. But looking back after the fact they
always seem so obvious. Just trying to stay on my toes this time. My
last condition is always a break in the channel.
Harley
Earl Adamy wrote:
> I don't see anything terribly negative in either the daily or weekly
> Nyse
> and Nasdaq breadth. The McClellan Oscillator has been very strong
> through
> this rally and continues to hold at very high levels even though it
> has
> softened a tad. Note that the Oscillator tends to trace out 3 impulse
> waves
> with the first rally from deeply oversold levels occuring either
> below/above
> the 0 line, the second wave rising strongly above the 0 line before
> falling
> below, and the 3rd wave rising above the 0 line but not as strongly as
> the
> 2nd. I also note that the Summation Index has been moving very
> strongly to
> the upside suggesting that this move is for real. Finally, OBV on the
> Nyse,
> SPY (a surrogate for the SP500 index), and March futures are all
> confirming
> this move. I consider it quite likely that the 22 point outside day we
> had a
> couple of days ago completed the rally (high) and the retracement
> (low) and
> that we're likely to continue moving up to 1050-1060 area basis March
> futures.
>
> Earl
>
> -----Original Message-----
> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: Bruce Russell <russell@xxxxxxxxxxxx>
> Cc: Slimtravel <Slimtravel@xxxxxxx>; Randy Burkhardt @ Home
> <randy@xxxxxxxxxxxxxxxx>
> Date: Tuesday, February 17, 1998 10:05 PM
> Subject: NYSE
>
> >Bruce,
> >I am looking at the NYSE market breadth and the New highs minus new
> lows
> >has run into some resistance. Like wise the total volume on the NYSE
> is
> >still trending lower. Lastly the momentum of the up/down volume
> ratios
> >has been slowing as measured by it's 10 day MA and 50 day MA.
> >I can see a correction in the DJIA soon.
> >Not that it is impossible but the weekly JF = 8542 for the DJIA.
> Which
> >means that if the DJIA is going to keep the same pace it must go
> above
> >8542 by Friday. With the weakness in market breadth I can't see it.
> >
> >I looked at the NASDAQ and the same market breadth doesn't give as
> clear
> >a sign for the NASDAQ Composite Index. Although we see it is already
> >headed to the bottom of the up trend channel.
> >
> >Harley
> >
> >
> >
> >
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