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Point & Go Figure: S&P 500, Nasdaq-100, Commodities, Pfizer




Market Overview:

The 50-day indicators for the NYSE , the S&P 500 and the Nasdaq are all back in Xs (short-term positive) after falling below 30% for the first time since October. The short-term High-Low Indexes for the NYSE and Nasdaq have also reversed up from well below 30%.

This all bolsters the short-term case for Hoofy, but the long-term bullish percent indexes for the S&P 500, Nasdaq-100, NYSE and Nasdaq Composite all remain negative so any positive action among the broad indices is the equivalent of rowing upstream.

Charts of Interest:

S&P 500
(Chart courtesy

The SPX faces PnF downtrend resistance at 1295. With the larger context negative, the recent short-term oversold conditions may very likely be worked off before it moves as high as 1300. Either way, the probabilities are that any move above 1300 will be very short-lived.

Nasdaq-100 (NDX)
(Chart courtesy

The chart below shows the obvious significance of 1640 as an area of contention. This level is also important on a longer-term 20x3 chart as well. (See the 20x3 chart here).

Deutsche Bank Commodities Tracking Index Fund (DBC)
(Chart courtesy

The DBC is in very dangerous technical shape here. Not only has it broken a PnF quintuple bottom, but it is threatening to violate trendline support as well. But wait, as the bar chart below the PnF chart shows....

Deutsche Bank Commodities Tracking Index Fund (DBC)
(Chart courtesy Thomson Financial)

The DBC is very near DeMark upside price completions, but interestingly has also developed what appears may potentially turn into a head and shoulders formation. Note that it has not yet violated the neckline by closing below it, and volume must increase upon the violation for it to be a valid head and shoulders top.

Pfizer (PFE)
(Chart courtesy Thomson Financial)

Last week we looked at Eli Lilly (LLY), one of the large cap pharma stocks that registered valid DeMark buy signals. This week PFE is another in that group registering a DeMark buy signal. Downside risk to 23.10 remains possible, and a close below that would violate the "risk level."

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No positions in stocks mentioned.

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