It was a choppy back & forth session today which ended near unchanged. The Nasdaq closed down for the seventh session in a row but most of the other indices closed up on the day. So the day showed confusion and/or a stalemate, which is often what leads to a change in direction. Given how oversold we are and how far down we've come in the last 7 sessions I have to expect a relief rally is due. But I think that will just be an opportunity to initiate shorts. I think the freshly broken August trendlines, especially on the Nasdaq, will be important "lines in the sand". They are the obvious spots for bears to try to defend.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Mike
Can you possibly post a T2108 intraday chart, too? Thanks.
William
Intraday or daily? I'll post another T2108 daily chart once it gets near 20. Today's chart looks pretty much like the one I posted on Friday b/c T2108 barely moved today. It closed up 1.32 at 32.24
Thanks, Mike.
Indeed. A daily T2108 chart is more useful.
Good trading to you in 2008!
William
William,
I see that T2108 is the percentage of stocks that are above their 40-day moving average:
http://tradermike.net/2005/03/time_to_whip_out_t2108/
There's something like that on StockCharts that you can get yourself every day. It's $NYA50R, the percentage of stocks on the NYSE that are above their 50-day moving average, and here's a link to a chart of it:
http://stockcharts.com/h-sc/ui?s=$NYA50R&p=D&yr=3&mn=0&dy=0&id=p21086580978
You can hit the Annotate link under that chart and then put vertical and horizontal bars on it--- to better see how the dips line up and to see how when the index dips to a certain low level the index always seems to be bottoming (we hope).
You can do the same with $NAA50R, for the Nasdaq.
-Mike O'Connor
I like the new look of the site.
I am noting that the S&P 500 bounced after nicking the November lows. I agree you gotta pound out of longs and/or short the next rally, but I am waiting for a clear break of November on the S&P 500 before I am officially a bear again...
Mike (O’Connor),
Thanks for your suggestion. I'll certainly check it out.
-William
Yes, good suggestion Mike. I posted the same a few times before. Here's one of those times:
(If you don’t have TeleChart, there are similar indicators at StockCharts.com, like $SPXA50R, $NYA50R and $NAA50R):
I want to scan stocks for bull and bear flag patterns. Where can I get those? or can you tell me the programming code for that?
Thanks
Medin
Medin,
Nothing comes to mind. You could try asking in the Elite Trader forums.