reveal yourself friday, page-9

In America:

SP500 -0.26%
Dow Industrials -0.36%
Nasdaq100 -0.18%
Dow Transports +0.35%
Russell 2000 +0.58%

Comment: A modest day down on the Dow and SPX – Transports and R2K were much much better.

NewHighs/NewLows 191/13. NH>NL. The ratio of NH/(NH+NL) is at 93.6%. In the Do Not Sell Zone.

Technical Comment on the SP500:

The SP500 finished at 1498.11. Major support: 1466.7. That’s the old high in mid-September, 2012. That could hold any retreat.
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive but turning down.
RSI.9 is at 65.6. Falling below 70 – negative.
Stochastic. 85.1. Overbought but below its signal line.
CCI.14: +65.7. Below +100. Warning signal.

Momentum indicators have flashed a consensus sell signal. The first oblique up trend line might provide some support; then the 20-Day SMA; then the 40-Day TMA and the lower Bollinger Band. You get the picture?

This could be the start of a retracement – or just a pause. We need to see more negative action before being sure. At the moment, the up trend remains intact.

Jobs Report tonight in America. That’s a market moving event. It’s also the first of the month – with fund money flowing into the market at the beginning of the month, the Jobs number would have to be poor to make this go down for a third day in a row. We’ll see.

Redbacka