haspete's - another grand on the dow thursday, page-10

In America:

Dow Industrials -0.54%
Dow Transports -0.34%
SP500 -0.49%
Russell 2000 -0.66%
Nasdaq100 -0.4%

Comment: A moderate down day on the Dow 30 with volume increasing a little. A few bulls were worried last night but the JBTD Mob came in late in the day, so the damage wasn’t too severe.

NewHighs/NewLows 61/26. NH>NL. The ratio of NH/(NH+NL) is at 70.1%. Dropped out of the Do Not Sell Zone above 80%. NLs were above 25 – that’s a caution. A big down day tomorrow could see the panic buttons being hit.

Technical Comment on the Dow 30:

The Dow finished at 13126.2. Dow 30 hasn’t been able to close above the 15 March close. Support at 13060.
Indicators:
Stochastic: 76.2. Above its signal line. Negative divergence. Caution.
RSI.9 is at 52.4. Positive. Negative divergence.
MACD Histogram. Marginally below zero. Neutral.
MACD. Marginally below zero. Neutral.
CCI.14: +1.11. Negative divergence. At the zero level. Must bounce here.

Last night, the Dow 30 hit a low of 13169 and bounced. That’s close enough to the support level around 13060. So the bulls have a chance tomorrow to take it up once again. If they do – the up trend remains intact. A break below 13060 and NLs above 50 should see more selling.

Yesterday looked like a great move by the Australian XJO. We’ll lose quite a bit of that today, but support at 4310 doesn’t look in danger. I expressed reservations last night about yesterday’s strong moves based on Sector analysis, which didn’t show the usual bullish profile. The next couple of days will be interesting.

Apple Inc. had another closing high last night. Amazing.

Redbacka