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Point & Go Figure: S&P 500, Google, US Dollar

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Market Overview:

The short-term Percent Above 50-Day Moving Average Indicators have relieved previous oversold conditions and entered a more neutral field position. The S&P 500 50-day indicator is currently in Xs and has reached the 52% level after hitting a low of 18% in June.

According to data from Investor's Intelligence the High-Low Indexes for the Nasdaq and NYSE both remain in Xs (positive) for now though the Nasdaq in particular has been sluggish and weak of late despite the reversal up.

The index bullish percent readings remain negative across the board (S&P 500, NDX, Dow Jones Industrial Average, Russell 2000) with the exception of the NYSE Bullish Percent, which is still in Xs, though still in an active bearish catapult pattern.

Interestingly, the S&P 500 Bullish Percent is near a potential bearish catapult as well (about 2% away) as is the Dow Jones Industrial Average Bullish Percent and the S&P Small Cap 600 Bullish Percent.

Charts of Interest:

S&P 500
(Chart courtesy
StockCharts.com)
The S&P 500 will reverse down on the 5x3 PnF chart with a move to 1265 today. The bullish percent for this index remains negative, which raises the probabilities that the recent move higher is counter-trend.

S&P 500
(Chart courtesy Thomson Financial)
As well, the DeMark TD-Sequential and TD-Combo sell setups (9) point to at minimum a pause in the recent uptrend. The next few bars will be important in judging whether this index hangs around for a potential sell countdown or in short order resumes the downward trend as indicated by the PnF context and the monthly DeMark sell signals.

Google (GOOG)
(Chart courtesy
StockCharts.com)
Google is very close to a potential violation of a significant PnF trend. A move to 375 today confirms it.

Google (GOOG)
(Chart courtesy Thomson Financial)
Meanwhile, it appears GOOG has begun a TD-Sequential buy countdown (13), which for now indicates the trend lower remains intact and incomplete.


US Dollar Index
(Chart courtesy StockCharts.com)
Note that the US Dollar Index has broken the PnF trendline from the June lows. The downside count of 83.50suggests new 2006 lows.

Position in SPX equivalents

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