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Point & Go Figure: SPX, DJIA, DAX


Time is still on my side


Market Overview:

Again yesterday the short-term conditions continued 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. Both are on sell signals as well, having each exceeded previous columns of Os.

The High-Low Indices for the NYSE and Nasdaq Composite are now both negative with the Nasdaq High-Low Index having reversed down with yesterday's market activity to join the NYSE High-Low. Both are in a column of Os and still above the high-risk 70% threshold.

Below is a chart of the NYSE High-Low, which shows an even more serious pattern, a triple bottom break, has developed. This triple bottom break sell signal for the NYSE High-Low Index is the first sell signal for the High-Low Index since last September.

NYSE High-Low Index
(Chart courtesy Dorsey Wright)

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, a signficant bearish divergence. The more narrow S&P 500 and Nasdaq-100 Bullish Percents both are negative, each in a column of Os.

Charts of Interest:
S&P 500 (SPX)
(Chart courtesy

Dow Jones Industrial Average
(Chart courtesy

DAX Index
(Chart courtesy Thomson Financial)
this chart shows DAX reaction to DeMark sell signals generated on March 31 for TD-Sequential and April 4 for TD-Combo. Meanwhile, on a PnF basis the DAX will not give its first sell signal until a move to 5850.

No positions in stocks mentioned.

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