Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Point & Go Figure: April Gold, NEM, UNH, Sensex

By

Despite the recent move lower, risk is increasing, not decreasing.

PrintPRINT

Market Overview:

The short-term conditions continue to show larger negative patterns and the high risk levels remain intact suggesting caution. The Percent Above 50-day Moving Average Indicators for both the NYSE and Nasdaq Composite are negative, having formed yet another lower high on their respective charts and exceeded a previous bottom. This sharply increases the probabilities of a move lower of significant degree for related stocks.

The High-Low Index for the NYSE is now negative while the NASDAQ High-Low remains in Xs, but at a high risk level and very close to a reversal down.

The NYSE Percent Above 30-week Moving Average Indicator reversed down yesterday, forming a lower high, and is now within .32% of breaking a previous low. The Nasdaq Composite Percent Above 30-week Moving Average Indicator is within .14% of reversing down.

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. Both lost ground yesterday.

Charts of Interest:
April Gold
(Chart courtesy
Dorsey Wright)
In addition to violating the near-term trendline drawn on the PnF chart below, the April Gold contract has broken below a TDST (DeMark TD Setup Trend) line on the daily chart, suggesting this is a key reversal lower.

April Gold
(Chart courtesy Thomson Financial)

Newmont Mining
(Chart courtesy
StockCharts.com)
Although shares of NEM are not yet approaching any TD-Sequential or TD-Combo readings suggesting a halt in the decline, the stock is approaching trendline support on a PnF basis at 48.


United Health (UNH)

(Chart courtesy StockCharts.com)
In addition to pulling back, holding support, and reversing up on a Pnf basis...

United Health (UNH)
(Chart courtesy Thomson Financial)
...UNH has registered a TD-Sequential 13 buy signal as of yesterday.

Sesenx Index
(Chart courtesy Thomson Financial)
The Sensex shows 13 sell signals on both TD-Sequential and TD-combo on a daily chart. This also coincides with the magazine cover indicators and President Bush's trip to India last week. Interesting.

< Previous
  • 1
Next >
Position in gold

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE