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




Market Overview:

Short-term Percent Above 50-Day Indicators remain mixed with the Nasdaq in Xs while the NYSE has reversed down to Os. Both have worked off the deep oversold conditions reached in June. The NYSE entered Tuesday 45.8% and the Nasdaq at 36.5%.

The High-Low Indexes for the Nasdaq and NYSE are in Xs, both near the mid-40s, after having worked off their deeply oversold June readings as well.

The long-term bullish percent readings are mixed as well with the NYSE in Xs, though still in an active bearish catapult pattern, while the Nasdaq remains in Os.

Charts of Interest:

S&P 500 (SPX)
(Chart courtesy

The SPX has retraced more than 50% of the triple top breakout on the 5x3 chart, a negative "High-Pole Warning."

Nasdaq 100 (NDX)
(Chart courtesy

The NDX had every technical justification for moving higher to at least downtrend resistance at 1625, but quickly retraced the entire counter-trend move following DeMark buy signals and has now violated all near-term support. The absence of new DeMark price completions and the initiation of a new buy countdown suggests this leg of the decline is not complete and the PnF preliminary downside count is well below 1500.

Celgene (CELG)
(Chart courtesy

CELG recently broke a spread quadruple top.

Celgene (CELG)
(Chart courtesy Thomson Financial)

But DeMark indicators have lined up here with sell signals registering on the monthly and weekly charts and nearing potential sell signals on the daily.

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