Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Point & Go Figure: QQQQ, PHLX Housing Sector Index




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:
Nasdaq-100 ETF (QQQQ)
(Chart courtesy Dorsey Wright)
The QQQQ continues to form lower highs from the April peak, and has failed to confirm new highs in the Dow Jones Industrial Average, among other major indices. A move to 41.25 would break a triple bottom.

PHLX Housing Sector Index (HGX)
(Chart courtesy
The PHLX Housing Sector Index is testing important support at 252. A move to 248 (4x3 scale chart) will break a triple bottom, with trendline support at 228.

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos