Here are the updated charts. The DJI and SP500 are getting near their weekly bull flag measured move. These measured move levels will likely be the near term target for the DJI & SP500.
DJI:
DJT:
SPX:
NYA:
NDX:
Monday, November 16, 2009
Back To Neutral
Today, the market continues its march to higher ground. The Dow 30 closed at another new high, bringing along with it this time is the SP500, NYA, NDX, and more importantly the Dow Transport. The reason for the importance on having the DJT confirming the DJI new high is it tells me the DJI will make newer high before this rally terminate. Today’s confirmation by the DJT removes the bearish stance and put the market back to neutral for me. I will revert back to bullish stance after some of the divergence has been removed. Still there are sectors continue to lag and the Russell 2000 still trading below its recent high.
Here are the updated charts. The DJI and SP500 are getting near their weekly bull flag measured move. These measured move levels will likely be the near term target for the DJI & SP500.
DJI:
DJT:
SPX:
NYA:
NDX:
Here are the updated charts. The DJI and SP500 are getting near their weekly bull flag measured move. These measured move levels will likely be the near term target for the DJI & SP500.
DJI:
DJT:
SPX:
NYA:
NDX:
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