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Point & Go Figure: MER, EBAY


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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:
Merrill Lynch (MER)
(Chart courtesy
The PnF chart of MER is positive, in Xs and on a buy signal, but the stock is nearing the long-term price objective of 83 and as the DeMark indicators shown below indicate, there is a high probability of an important trend exhaustion occurring here.

Merrill Lynch (MER)
(Chart courtesy
Thomson Financial)
The three charts below, daily, weekly, monthly, show DeMark TD-Sequential and/or TD-Combo sell signals (daily and monthly) and a sell setup on the weekly chart. This suggests a high probability that MER is forming a significant top here.



Ebay (EBAY)
(Chart courtesy
Interesting, EBAY has formed triple bottom support at 37 on a PnF basis...

Ebay (EBAY)
(Chart courtesy Thomson Financial)
Meanwhile, a daily chart shows DeMark TD-Combo 13 buy signal.

No positions in stocks mentioned.

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