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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.

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No positions in stocks mentioned.

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