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Point & Go Figure: Nasdaq-100 Equal-Weighted Index, iShares Italy, Belgium ETFs




Market Overview:
The NYSE Percent Above 50-day Moving Average Indicator is in Xs while the Nasdaq Percent Above 50-day Moving Average Indicator is back in Xs, preparing for a potential triangle break. The High-Low Indices for the NYSE and Nasdaq continue to hold in Xs.

The longer-term bullish percents for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs also remains intact, a significant long-term bearish divergence.

The more narrow S&P 500 and Nasdaq-100 Bullish Percents both are negative, each in a column of Os.

Charts of Interest:
Nasdaq-100 Equal-Weighted Index
(Chart courtesy
An interesting bearish divergence continues to show up in the Nasdaq-100 bullish Percent index and the Nasdaq-100 Equal-Weighted Index. While the .NDXE continues to forge higher on the chart, the NDX Bullish Percent is on a sell signal and continuing to move lower. An immediate reversal lower without printing at least 1,200 would form a bull trap on the chart.

Is dit een bel?
iShares MSCI Belgium Index Fund (EWK)
(Chart courtesy Thomson Financial)
DeMark TD-Combo 13 sell signal for EWK.

È questo un la bolla?
iShares MSCI Italy Index Fund (EWI)
(Chart courtesy Thomson Financial)
DeMark TD-Combo 13 sell signal for EWI.

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No positions in stocks mentioned.

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