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Point & Go Figure: DTE, ELY, NDX

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It's a beautiful day!

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Market Overview:

The short-term conditions remain at high-risk levels. The Percent Above 50-day Moving Average Indicator for the NYSE is negative. The Nasdaq Composite Percent Above 50-day Moving Average Indicator is in Xs, but the pattern of lower lows and lower highs persists.

The High-Low Indices for the NYSE and Nasdaq Composite are positive (in columns of Xs), but there again the negative divergence -lower highs - persists.

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:
DTE Energy Company (DTE)
(Chart courtesy Dorsey Wright)
DTE is testing triple bottom support at 41.5. A move to 41 would break a triple bottom, but that would also form a potential bear trap unless the stock falls to 40.5. On a longer-term 1x3 chart, the stock has support down to 35.

DTE Energy Company (DTE)
(Chart courtesy Thomson Financial)
Meanwhile, the daily chart shows a TD-Sequential 13 buy signal.

Callaway Golf Company (ELY)
(Chart courtesy StockCharts.Com)
ELY has enjoyed a significant rally off the recent lows, and has broken through the conventional PnF downtrend line...


Callaway Golf Company (ELY)
(Chart courtesy Thomson Financial)
Meanwhile, the stock has registered both TD-Sequential and TD-Combo sell signals here.

Nasdaq-100 (NDX)
(Chart courtesy StockCharts.Com)
The obvious line in the sand? 1700 for Hoofy and Boo. A move to 1710 breaks a quadruple top on the NDX.

No positions in stocks mentioned.

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