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Point & Go Figure: Citigroup, Corn Products Int'l., 3M




Market Overview:
The NYSE Percent Above 50-day Moving Average Indicator is in Os, having formed a lower high since April, while the Nasdaq remains in Xs.

Meanwhile, the High-Low Indices for the NYSE and Nasdaq Composite both remain negative, in a column of Os.

The longer-term bullish percents for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs there also remains intact, a significant bearish divergence, but a longer-term one. The more narrow S&P 500 and Nasdaq-100 Bullish Percents both are negative, each in a column of Os.

Charts of Interest:
Citigroup (C)
(Chart courtesy
The PnF chart of C is strong showing a break above resistance dating back to April 2004. The PnF count suggests higher prices longer-term.

Citigroup (C)
(Chart courtesy Thomson Financial)
On a DeMark basis there is a new TD-Combo sell signal now active as of today. Another reaction down to the 50-day moving average would take the stock back below 48.

Corn Products International (CPO)
(Chart courtesy
CPO has enjoyed a powerful run since last October, but remains on a PnF buy signal and has support in here at 27, then 25. A move below 25 would suggest something more serious is taking place.

3M Co. (MMM)
(Chart courtesy
Any way it goes for MMM is positive here. A move through 85.50 would be a new breakout toward the longer-term target of 98 that was established with the March breakout at 75, while a double bottom break at 84 would initiate a bullish shakeout pattern.

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No positions in stocks mentioned.

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