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Point & Go Figure: UNH, Silver


Silver Streak Ending?


Market Overview:

The short-term conditions remain positive but at high-risk levels. The pattern of lower lows and lower highs persists for both the NYSE and Nasdaq Composite Percent Above 50-day Moving Average Indicators.

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 both still negative, and not even close to a reversal higher.

The picture of high risk these indicators paints continues to frustrate as the market indices make new highs in some cases. But a look back at 1999 shows a similar frustration period as broad indices made new highs on divergent indicators throughout the year before a downside resolution occurred.

Charts of Interest:
UnitedHealth Group (UNH)
(Chart courtesy
on a PnF basis remains technically "OK" as long as it is above 54...

UnitedHealth Group (UNH)
(Chart courtesy Thomson Financial)
Meanwhile, the DeMark TD-Combo indicator is nearing a potential "buy" on the daily chart.

Silver front month
(Chart courtesy Thomson Financial)
We noted yesterday on the Buzz & Banter that silver had reached its PnF price objective of 11.50. Today, we have dual DeMark TD-Combo and TD-Sequential sell signals in silver front month futures.

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No positions in stocks mentioned.

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