This was another of those days where everything was down and once again rising interest rates were to blame. Based on the closing numbers it's hard to believe that the indices actually rallied back into positive territory mid-day. That rally was short lived though as the market rolled right over to close near the lows of the day. Here's a shot of the S&P intraday (15 minute candles):
The S&P must have crossed 1500 at least 15 times today and I'm still suspicious of an expiration pin to 1,500 for Friday. The daily shows what may become the new prevailing trendline if the index takes out last week's low.
The Nasdaq is in a similar position but is a few points above its 50-day moving average.
The small caps broke both their March trendline and 50-day moving average today. It's still above what should be solid support near 800.
It's no surprise that the utilities continued their slide given the rise in interest rates today:
Transports are falling from a retest of the 50-day moving average.
The Banking index never joined in that May new high party with many of the other indices. It's also falling from its 50-day moving average.
The SOX chart is just plain sloppy. Whether you're a bull or a bear there are better places to be...
Some downgrades to intermediate term trends today thanks to touches & breaks of 50-day moving averages.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Lat(-) | Down(-) |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Hey Mike,
Great stuff as always. .Could you tell me what program or software you use to track the TRIN/TICK and an intraday basis. I have Quotetracker, but it doesn't show up.
Thanks,
I haven't been able to get a chart of TICK in QuoteTracker but I do track it on a QT ticker and have alerts set for it (^TIC.N) in QT. If I want to see the actual chart I use CyberTrader
Thanks Mike,
Do you have to be a Charles Schwab client to use CyberTrader?
djia down 129, Nasdaq down 23, but QQQQ only down
.25 46.55. It seems way stronger than rest of market. Is it indicating up market? In general,
for past few days QQQQ tends to push over 47 in spite of Nasdaq weakness. I would think it should have been down to low 46 ready to break new low and touch 45 area?
Michael and Kevin,
I don't follow the problem with not being able to get TICK or TRIN as a chart in QuoteTracker. Perhaps it depends on the feed, but I have IQFeed, which is probably the most commonly chosen feed with QT, and I don't have any problem.
You simply go to the Options|Edit Preferences menu item, and click on the Data Sources/Proxy button in the upper right hand corner of the dialog box that the menu item opens. There you can elect to get TICK and TRIN, the QT tickers for them being TICK.Z and TRIN.Z (these are the NYSE statistics, but you can also get them for the Nasdaq).
That will make an icon for those indicators appear in the indicator panel at the top of QT. Then you just right-click on the icon (or doubleclick if all you want is the intraday chart).
fred...
It could be that Naz is tech-heavy and less susceptible to interest rate rises than other indices. There's people out there that believe sales of the iPhone could prop up the entire Naz, but there could also be a lot of smart people that have moved their money into tech.
Mike,
You're a gentleman and a scholar. I thought I tried everything to get a TICK chart to show up. I already had TICK on my ticker but I never tried right-clicking on that ticker icon to get the chart. Thanks!
Kevin,
You asked "Do you have to be a Charles Schwab client to use CyberTrader?"
I guess you could say that. You have to be either a CyberTrader or Schwab client. But I'm not sure what's going on with Schwab & Cyber right now. They're in the midst of merging CyberTrader's platform with Schwab's StreetSmart Pro. I guess any new people are being funneled into StreetSmart
Mike,
Thanks for the info on TICK/TRIN.. I did that so now I have the indexes on top, but when I double click on TICK/TRIN and try to pull up intraday charts, still says not enough data collected. .
Any thought?
Trader Mike, did you get this to work?
I figured it out, TD Ameritrade doesn't support TRIN/TICK format.