shonan trader's - tough argument - thursday, page-13

In America:

Dow Industrials -0.38%
Dow Transports -0.22%
SP500 -0.00%
Russell 2000 -0.37%
Nasdaq100 -0.56%
Comment: Markets had a late afternoon rally with the SP500 finishing flat and the Dow 30 finished above the mid-point for the day. Volume increased once again.

NewHighs/NewLows 122/30. NH>NL. The ratio of NH/(NH+NL) is at 80.3%. Still in the Do Not Sell Zone. New Highs continue to be strong but not as strong as previous five days. New Lows are beginning to show some nervousness. After five days down, that's not a bad result.

Technical Comment on the Dow 30:

The Dow finished at 12604.5. Support/Resistance: 12458/12764.5.
Indicators:
Stochastic: 42. Negative.
RSI.9 is at 42.9. Negative
MACD Histogram. Negative.
MACD. Above zero. Positive.
CCI.14: -58.7. Negative.
The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive (just).

The medium term trend is up. The short term trend is down.

The range of this pullback is now the same as the June pull-back (two black arrows).

Indicators have also come back about the same as the June pull-back. They are still not oversold, so more downside is a possibility. A strong bounce here tomorrow would give hope to the bulls. At this stage the medium term trend remains up, so this may just be a pull-back in the up trend. We've now had five days down, rarely do we exceed six days down. So we're getting close to an up day. Until the down trend is broken, however, we have to presume it will continue.

I'm still having trouble with my new computer. Old one was a trusty work-horse, but with old age was getting very slow. (This post was don on the old work-horse.) After hours of talk with the Apple help-desk yesterday and big-time down loads - the new puter still isn't working properly. Heap of Junk.

Redbacka