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Point & Go Figure: AMD, BAC, SPX, NDX, DJIA

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Where did my mo go, Joe?

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Market Overview:
The short-term conditions, extended and in high-risk areas, crossed the threshold to negative territory on the NYSE last Tuesday, followed by the Nasdaq on Friday. The percent of stocks above their 50-day moving average for the NYSE and Nasdaq are now both negative, reversing down from high-risk levels and crossing below 70%.

According to figures from Investors Intelligence, the High-Low Index for the NYSE and the Nasdaq are both at extremes. These indicators are pushing their highest levels since this past summer, while continuing to show a long-term divergence indicative of an important near-term top forming.

Meanwhile, the percent of stocks above their 150-day moving average on the NYSE reversed down to Os after touching 70%, and again forming a lower high, as it has done in each successive rally since peaking at 92%.

Percent of NYSE stocks above 150-day moving average
(Chart courtesy Dorsey Wright)

Charts of Interest:
Advacned Micro Devices (AMD)
(Chart courtesy StockCharts.com)

Advanced Micro Devices (AMD)
(Chart courtesy Thomson Financial)

Bank of America (BAC)
(Chart courtesy Dorsey Wright)

S&P 500
(Chart courtesy Dorsye Wright)

Nasdaq-100 (NDX)
(Chart courtesy Dorsey Wright)

Dow Jones Industrial Average
(Chart courtesy Dorsey Wright)

No positions in stocks mentioned.

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