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Point & Go Figure: PFE, EEM

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Market Overview:

The short-term conditions continue to deteriorate from very 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 and both are now negative (in a column of Os) on their charts.

The High-Low Indices for the NYSE and Nasdaq Composite are mixed with the NYSE having reversed to negative with yesterday's action and the Nasdaq holding on to positive, but high risk, conditions.

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 and Nasdaq-100 Bullish Percents are both negative.

Charts of Interest:
Pfizer (PFE)
(Chart courtesy StockCharts.com)

Minyanville Professor Brian Gilmartin this morning noted some positive fundamental views on Pfizer. The PnF chart agrees. A bullish shakeout pattern was formed on the .25x3 chart, with support at 23.75, then 23.

iShares MCSI Emerging Markets (EEM)
(Chart courtesy StockCharts.com)
On a Pnf basis, the EEM has given a high-pole warning, a negative formation that occurs when a stock rises above a previous high by more than three boxes then reverses down by at least 50%.

No positions in stocks mentioned.

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