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Point & Go Figure: MDT, QCOM

By

Honestly, I'm on the fence about things right now!

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Market Overview:

The short-term conditions remain in high-risk levels. The Percent Above 50-day Moving Average Indicators for the NYSE and Nasdaq Composite are both back in Xs, but as the reversal to Xs simply continues the pattern of lower lows and lower highs that has been intact from the first of the year, and more importantly takes these indicators back into higher risk levels.

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.

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 more narrow Nasdaq-100 Bullish Percent is negative.

Charts of Interest:
Medtronic (MDT)
(Chart courtesy
StockCharts.com)
Medtronic on a PnF basis has pulled back to support at 53, just above conventional PnF trendline support in the 52 area...

Medtronic (MDT)
(Chart courtesy Thomson Financial)
On a daily chart MDT has registered DeMark TD-Sequential and TD-Combo 13 buy signals...

Qualcomm (QCOM)
(Chart courtesy
Dorsey Wright)
A new double top break for QCOM, but the stock is well extended above the conventional PnF trendline, down in the 36 area, and the price target of 59 based on the initial January breakout is now within reach.

Qualcomm (QCOM)
(Chart courtesy Thomson Financial)
QCOM has also registered a DeMark TD-Sequential 13 sell exhaustion on a daily chart
.

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No positions in stocks mentioned.

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