stockie's heart of darkness tuesday, page-23

In America:

Dow Industrials +0.56%
Dow Transports +0.72%
SP500 -0.05%
Russell 2000 +0.22%
Nasdaq100 -1.07%

Comment: A dog’s breakfast. All over the show. Apple down over 4%. Volume was lower than yesterday. Up day volume has been lower than down day volume for the past few days.

NewHighs/NewLows 54/51. NH>NL. The ratio of NH/(NH+NL) is at 51.4%. The Ratio remains out of the “Do Not Sell” Zone above 80. New Lows nudged up into the “panic zone” above 50.

Technical Comment on the Dow 30:

The Dow finished at 12951.4. S/R: 12780/13000. Sitting between a narrow range of S/R.
Indicators:
Stochastic: 35.6. Above 20 and above its signal line. Positive.
RSI.9 is at 45.1. Negative. Still below 50.
MACD Histogram. Marginally above zero. Neutral.
MACD. Below zero. Negative.
CCI.14: -57.1. Neutral.

The 10-DayEMA is below the 20-DayEMA. Negative. This x-over has a good record for keeping medium-term traders out of the market in the event of a waterfall event.

I’ve been expecting a two-leg down correction. At this stage, that still looks reasonable. The Nasdaq100 is already in its second leg down. (See chart below.)

Redbacka