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Point & Go Figure: SPX, GILD, CRB Index


It's never over until it's over.


Market Overview:
The short-term conditions have been twisty and twitchy of late, but the larger negative patterns and high risk levels remain intact suggesting caution. The NYSE Percent Above 50-day Moving Average Indicator reversed back to negative with Tuesday's activity, forming another lower high on the chart and raising the probabilities of a move lower of significant degree for related stocks. The Nasdaq Composite Percent Above 50-day Moving Average Indicator remains in Xs, but declined by more than 4% on Tuesday and is now less than .6% from a reversal to negative.

The High-Low Indices for the NYSE and NASDAQ both remain in Xs, but are at high-risk levels and the larger bearish pattern of fewer and fewer highs remains intact.

The NYSE and Nasdaq Composite bullish percent Indices are in Xs, while the S&P 500, Nasdaq-100, and Dow Jones Industrial Average bullish percent indices are in Os and negative.

Charts of Interest:
S&P 500 Bullish Percent ($BPSPX)
(Chart courtesy
The SPX Bullish Percent is negative, with deteriorating participation dating back to January 2004.

S&P 500 ($SPX)
(Chart courtesy

Gilead Sciences, Inc. (GILD)
(Chart courtesy

Gilead Sciences, Inc. (GILD)
(Chart courtesy Thomson Financial)
TD-Sequential 13 on GILD daily chart, and note the pending long-term price objective on the PnF chart of 66, fits parameters of TD-Sequential "risk level."

CRB Index ($CRB)
(Chart courtesy

CRB Index (CR/Y)
(Chart courtesy Thomson Financial)
Weekly CRB Index, showing TD-Sequential 9-13-9.

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No positions in stocks mentioned.

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