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Point & Go Figure: INDU, NDX, PD, PAAS

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Things are finally looking down for me!

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Market Overview:

The short-term conditions continue to deteriorate from high-risk levels. The Percent Above 50-day Moving Average Indicators for both the NYSE and Nasdaq Composite are negative, having formed yet another lower high on their respective charts and exceeded previous bottoms.

The High-Low Index for the Nasdaq Composite and the NYSE are both negative. Moreover, the Nasdaq Composite High-Low has exceeded a previous bottom while the NYSE High-Low is within 1.4% of exceeding a previous bottom.

Meanwhile, the longer-term bullish percent Indices for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs remains intact. The NYSE Bullish Percent remains within 1.4% of a reversal to negative, according to data from Investor's Intelligence. The more narrow Nasdaq-100 Bullish Percent is negative and within 2.5% of breaking a double bottom.

Charts of Interest:

Dow Jones Industrial Average (INDU)
(Chart courtesy
StockCharts.com)
Dow faces downtrend resistance in the 11,100 area; a move to 11,125 would be the first new buy signal on a PnF basis since early February.

Nasdaq-100 (NDX)
(Chart courtesy
StockCharts.com)
NDX has key support at 1640. A move to 1630 would break a spread triple bottom.

Phelps Dodge (PD)
(Chart courtesy
StockCharts.com)
PD has important support at 66; a move to 65 violates trendline support.

Pan American Silver Corp. (PAAS)
(Chart courtesy
StockCharts.com)

Pan American Silver Corp. (PAAS)
(Chart courtesy Thomson Financial)
Valid TD-Sequential 13 sell signal recently and so far no subsequent buy setup.

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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