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Point & Go Figure: Ford Motor, Crude Oil, Oil Service HOLDRs

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Market Overview:
Bot the NYSE and Nasdaq Percent Above 50-day Moving Average Indicators are in Os, having formed lower highs since April, with the Nasdaq preparing for a triangle break. Meanwhile, the High-Low Indices for the NYSE and Nasdaq remain in Xs.

The longer-term bullish percents for the NYSE and Nasdaq Composite are both still in Xs, but continuing to deteriorate, yesterday showing more new sell signals than buy signals despite a generally positive day on the surface for the major averages. The larger pattern of lower highs 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 and the NDX gave a new sell signal last week by exceeding a previous low.

Charts of Interest:
Ford Motor Co. (F)
(Chart courtesy
StockCharts.com)
F
looks like it is headed toward 2002 lows, a last ditch support area. It's already exceeded the downside objective based on a PnF count.

Ford Motor Co. (F)
(Chart courtesy Thomson Financial)
Interestingly, the 6.50 support level is also the "risk level" that was created by the recent DeMark TD-Combo buy signal that was registered. A new 9 Buy setup possibly registering today increases the probabilities that a new Buy countdown has begun.

Crude Oil
(Chart courtesy Thomson Financial)
New potential TD-Sequential sell signal registering today, and note the risk level from the TD-Combo sell signal from April 19 (horizontal red line) has not been violated.

Oil Service HOLDRs
(Chart courtesy
StockCharts.com)
All is well on the PnF chart of the OIH. But is all too well?

Oil Service HOLDRs
(Chart courtesy Thomson Financial)

The PnF chart looks great but a new TD-combo 13 sell signal could register as soon as today on the daily chart of the OIH. Meanwhile, a TD-Combo 13 sell signal has already registered on the monthly chart.

No positions in stocks mentioned.

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