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Point & Go Figure: NDX, OSX, SOX

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What me, worry?

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Market Overview:
The short-term conditions have transitioned to positive for the majority of stocks, but the transition is occurring from very high risk levels. The NYSE and Nasdaq Composite Percent Above 50-day Moving Average Indicators are both in columns of Xs, but in corrective mode having recently exceeded previous columns of Os on the downside and the field position near 70% is very high risk.

Meanwhile, according to data from Investor's Intelligence, the NYSE High-Low Index is back in a column of Xs, reversing up with yesterday's activity, but well above the high-risk 70% threshold at 83%. The Nasdaq Composite High-Low Index remains in a column of Os at 81%.

The bullish percent indices for the NYSE and Nasdaq Composite are still in Xs, while the more narrow bullish percents for the S&P 500 and Nasdaq-100 (NDX) are in Os. The NDX is most at risk based on signal and trend, as the chart below shows.

Nasdaq-100 (NDX)
(Chart courtesy StockCharts.com)

PHLX Oil Service Sector (OSX)
(Chart courtesy StockCharts.com)

PHLX Semiconductor Sector (SOX)
(Chart courtesy StockCharts.com)

No positions in stocks mentioned.

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