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Point & Go Figure




Below are some charts that caught my eye, as well as some that were requested by Minyans. If you would like a chart reviewed, let me know here.

I have added text and illustrations to the charts where necessary.

All charts courtesy Dorsey, Wright & Associates.

Dow Jones (DJIA)
Long-term 100x3 chart; support 10,100, resistance 10,700

S & P 500 Index (SPX)
Short-term 5x3 chart; support 1185, resistance 1210

NASDAQ Non Financial Index (NDX)
NDX 10x3 chart shows a violation of the most recent three-month range; support 1500, resistance 1560, then 1610

U.S. 30-YR Yield Index (TYX)
Positive breakout from triangle formation, resistance at 46.50, longer-term price objective 49

U.S. 10 Year T-Note Index (TNX)
A potential break on the long-term chart of the TNX looms with a move to 45

Three ways to look at IBM:

International Business Machines Corp. (IBM)
The long-term chart (2x3) shows the cyclical trendline violation for IBM in April of this year. The long-term context is negative.

International Business Machines Corp. (IBM)
The intermediate chart (1x3) shows IBM on a buy signal, though still below the conventional point & figure trendline at 91.

International Business Machines Corp. (IBM)
The short-term chart (.5x3) shows IBM is close to a new buy signal, its first since July, and with that would come trading potential to the 83 area.

With the overall market context negative, and the overall long-term trend for IBM negative, my style is not to play the potential short-term long trade for IBM (though I understand why some traders may employ a style that does exactly that trade), but rather to remain patient for a potential short setup down the road once the near-term positive signals exhaust themselves.

No positions in stocks mentioned.

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