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SPX, NYA, NDX: Charts Show Fractured Markets


Equities markets are giving mixed messages.


The Nasdaq 100 (INDEXNASDAQ:NDX) currently presents one of the more bearish-looking long-term charts out there (below), and muddies the overall outlook.

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It's interesting to contrast the NDX chart shown above with the NYSE Composite (INDEXNYSEGIS:NYA) shown below -- NYA is still maintaining its intermediate uptrend since June of this year. The fractured pictures across markets continue to create analytical challenges.

Click to enlarge

In conclusion, Friday's strong reversal lower created some questions about the intermediate outlook -- but until 1403 is claimed, the bullish wave count discussed in Friday's article is probably still the best-fit for the overall pattern. The strong caveat here is that trade beneath the recent swing low of SPX 1403 would necessitate extreme caution from bulls, particularly those who ignored the earlier warning signs noted in these updates. The picture should clarify this week. Trade safe.

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No positions in stocks mentioned.
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