August 31, 2012 at 8:06 AM | written by Arthur Hill
The Nasdaq Summation Index ($NASI) rebounded in July and then hit resistance near the zero line in July-August. The indicator is still moving higher because it is above its 10-day EMA. A break below this EMA would signal a downturn and be bearish for Nasdaq breadth.
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August 30, 2012 at 5:22 PM | written by Arthur Hill
The chart below shows Monsanto (MON) with black candlesticks and the Corn ETF ($CORN) as a red dashed line. Notice how these two fell together in April and early May, and then surged together in June and July. The Correlation Coefficient confirms this relationship with a positive reading since mid June.
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August 29, 2012 at 9:01 AM | written by Arthur Hill
October Sugar fell sharply the last five weeks, but found support near the June lows and surged on Tuesday. The indicator window shows StochRSI moving below .20 it late July and remaining below .50 as the downtrend extended into late August. The surge above .80 shows an upside momentum thrust.
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August 28, 2012 at 1:28 PM | written by Arthur Hill
Browsing through the
technology sector via the sector summary reveals relative strength coming from the internet ($DJUSNS) and electronic office equipment ($DJUSOE) groups. Baidu (BIDU) is up for internet and Xerox (XRX) is leading office equipment.
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August 27, 2012 at 2:40 PM | written by Arthur Hill
Procter & Gamble (PG), the biggest component in the Consumer Staples SPDR (XLP), surged above pennant resistance and recorded a 52-week high on Monday. The stock is medium-term overbought after a huge advance the last 10 weeks, but remains in a clear uptrend with first support at 66.
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August 24, 2012 at 7:24 AM | written by Arthur Hill
Index was hit hard over the last three days and is poised to test its May-June-July lows. The price relative and SCTR were hit even harder as both broke below their July lows. These two confirm relative weakness in this key semiconductor stock. With an
SCTR score of 19.3, Intel is currently in the bottom 20% of S&P 500 stocks for performance.
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August 23, 2012 at 11:14 AM | written by Arthur Hill
The CRB Index ($CRB) is breaking above its 200-day moving average after two failed attempts. Since first breaking below the 200-day in August 2011, this level marked resistance in early September and late February. With this week’s move above 305, the index broke the 200-day and exceeded the April 2011 trend line.
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August 22, 2012 at 4:07 PM | written by Arthur Hill
The S&P Sector Carpet is tilting towards the red (decliners) as Dell, Hewlett Packard and Lexmark weigh. Some of this weakness is being offset by strength in Ebay, Apple and Sandisk. Chartists can click on the squares to see the individual chart in the right corner.
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August 22, 2012 at 2:16 PM | written by Chip Anderson
These things are proving popular. Here's Facebook in all of its 2500-pixel glory. Hourly bars going back to the IPO with "Volume by Price" histogram bars coming in from the left edge.
Remember to click the chart twice to see the full-size version.
- Chip
August 21, 2012 at 3:04 PM | written by Arthur Hill
With a strong open and sharp decline during the day, the Nasdaq 100 ETF (QQQ) has a bearish engulfing pattern working on Tuesday. In fact, the intraday scan for bearish engulfing patterns is quite full (165) an hour before the close. The bearish engulfing for QQQ confirms resistance and could foreshadow a short-term pullback.
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