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Point & Go Figure: BJS, DBRN, NTAP, NDX

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Risk is high, just the way I like it!

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Market Overview:

The short-term conditions remain at high-risk levels and the Percent Above 50-day Moving Average Indicator for the NYSE reversed back down with yesterday's action to form yet another lower high since January, the third lower high. The Nasdaq Composite Percent Above 50-day Moving Average Indicator is clinging to Xs, 1.4% from a reversal down, while the pattern of lower lows and lower highs there remains intact as well.

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.

The longer-term bullish percent Indices for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs there also remains intact. The more narrow S&P 500 (SPX) and Nasdaq-100 Bullish Percents are negative.

Charts of Interest:
BJ Services (BJS)
(Chart courtesy
StockCharts.com)
BJS is on a PnF sell signal, but remains above long-term trendline support in the 26 area, and has found a more intermediate support area in the 31 area.

BJ Services (BJS)
(Chart courtesy Thomson Financial)
Also note that BJS has completed a RD-Sequential buy signal here.

Dress Barn (DBRN)
(Chart courtesy
StockCharts.com)
DBRN recently met its price objective of 44.5 based on the initial breakout last June.

Dress Barn (DBRN)
(Chart courtesy Thomson Financial)
Meanwhile, in addition to having met the PnF price objective, the stock has registered both TD-Sequential and TD-Combo sell signals.

Network Appliance (NTAP)
(Chart courtesy
StockCharts.com)
Recent spread triple top breakout for NTAP. That looks good, right? Hmmm, maybe not...

Network Appliance (NTAP)
(Chart courtesy Thomson Financial)
TD-Combo sell signal recently with stochastic, volume and momentum divergences suggests otherwise.

Nasdaq-100 (NDX)
(Chart courtesy
StockCharts.com)
NDX has bumped against resistance at 1700 three consecutive times. The chart reversed down yesterday. Meanwhile, the bullish percent for the NDX is showing supply is in control... makes a new breakout unlikely.

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No positions in stocks mentioned.

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