Point & Go Figure: SPX, DJIA, DAX
Time is still on my side
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.
Dow Jones Industrial Average
(Chart courtesy StockCharts.com)
(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.
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