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


Things are finally looking down for me!


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
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
NDX has key support at 1640. A move to 1630 would break a spread triple bottom.

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

Pan American Silver Corp. (PAAS)
(Chart courtesy

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

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No positions in stocks mentioned.

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