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For the Nasdaq Composite:
Price trend - peaked 11/19, a sell on 11/20 at upper channel line, center
channel support is nearby, implication is down.
Sentiment - CBOE C/(C+P) peaked on 11/20 at the sell line, contrary
implication is for more down.
Momentum - 5 day weighted momentum turned red(down) on 11/19 now at the
whipsaw level, could go either way but downtrend is in effect.
Breadth - 5 day TRINQ(lower yellow line) had been running at
overbought(inverse indicator) and now has moved to neutral, could go either
way.
Prime conditions when everything is in synchronizationfor a low risk short
or long don't last very long.
bobr
----- Original Message -----
From: "Ned Markson" <cnedgo@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, November 22, 2001 12:29 PM
Subject: Re: [RT] Happy T-Day and a chart
> FWIW, I'm showing an 83% probability of a reversal in the SPX and the Qs.
Charts
> at
> http://users.erols.com/cnedgo/hrsk96.10313.7142/fcst108.htm
>
> gobble, gobble :)
>
> Gary Funck wrote:
>
> > First the chart: there a few bits of info. that support the case for Q's
> > having topped out, at least temporarily, here: (1) the NDX/SPX ratio
hits
> > resistance, and (2) the A/D has been tracking sideways while the NDX
climbs.
> > Unfortunately, both the long and short trades look 50/50.
> >
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