bull market has resumed
- Thread starter gharghur2
- Start date
Actually the latest selloff is Nasdaq driven as it breaks new low, it forced SP to follow.
Even with the rally in DJ and SP today, the NDX is only recovering a little in comparison.
So for the rally to resume, we need NDX to bottom out ASAP.
Remember the 3 indices affect each other everyday
Even with the rally in DJ and SP today, the NDX is only recovering a little in comparison.
So for the rally to resume, we need NDX to bottom out ASAP.
Remember the 3 indices affect each other everyday
Agree! The SPX/DOW actually took the lead today while the NAZ/NDX were dealing with the effects of the SOX selloff. We have too many interelated indices!
I can count an impulse 5 waves up from the 10/13 lows in the NAZ, and thursday selloff correcting that. I also see 5 waves up in the NQ, not that I follow the futures that closely, but it's there. It appeared to double bottom today while the ES and YM moved higher. We need to SOX to close the downside gap it created today, for the NAZ to take leadership again.
Quote from Lawrence Chan:
Actually the latest selloff is Nasdaq driven as it breaks new low, it forced SP to follow.
Even with the rally in DJ and SP today, the NDX is only recovering a little in comparison.
So for the rally to resume, we need NDX to bottom out ASAP.
Remember the 3 indices affect each other everyday
New Lows?
True, thursday selloff was NAZ driven (SOX index breaking hard, and gapping down today). But the lows in the NAZ are at 2026, we only hit 2063 yesterday, merely a correction. As for the NDX, it's futures contract NQ double bottomed today while the general market was rallying. Probably the reason why it lagged!
New low during the intraday range expansion, not the swing lows you are referring to.
For example, the thursday selloff is lead by NDX as it kept making "new lows" during the day while SP and DJ trying to bottom out.
Just terminology mixup
Lawrence
For example, the thursday selloff is lead by NDX as it kept making "new lows" during the day while SP and DJ trying to bottom out.
Just terminology mixup
Lawrence
Hi Lawrence
Thought that was what you meant, but was just making sure
Yes, the SOX index took the NDX/NAZ down thursday and the general market. However, friday the SPX/DOW rallied even though the SOX gapped down to hit it's three year uptrend line from 2002. Thus, the laggard performance of the NDX/NAZ.
The EW pivot of 418 is very important for the SOX, and thus the NAZ. The SOX acted perfectly on friday by crossing below the pivot and then snapping right back over it. Similar to the 1174 EW pivot the SPX has been dealing with.
I can count 5 waves up in all three indices NAZ/SPX/DOW as of wednesday: the NAZ from 10/13 and the SPX from 10/20 and DOW from 10/21. First positive sign in a while. If we don't get a strong rally this upcoming week, would have to figure it's still corrective with a 5-3-5 ( 5-3 already done). Attached a chart of the SPX!
Thought that was what you meant, but was just making sure
Yes, the SOX index took the NDX/NAZ down thursday and the general market. However, friday the SPX/DOW rallied even though the SOX gapped down to hit it's three year uptrend line from 2002. Thus, the laggard performance of the NDX/NAZ.
The EW pivot of 418 is very important for the SOX, and thus the NAZ. The SOX acted perfectly on friday by crossing below the pivot and then snapping right back over it. Similar to the 1174 EW pivot the SPX has been dealing with.
I can count 5 waves up in all three indices NAZ/SPX/DOW as of wednesday: the NAZ from 10/13 and the SPX from 10/20 and DOW from 10/21. First positive sign in a while. If we don't get a strong rally this upcoming week, would have to figure it's still corrective with a 5-3-5 ( 5-3 already done). Attached a chart of the SPX!
I'm seeing a myriad of bullish technical signals just about everywhere I look: p/c ratios, vix, advisor sentiment, strong commercial buying, recent oversold levels that have indicated intermediate term bottoms, 3-year uptrend lines that have recently been touched, possibly a completion of the base building process in the SPX/DOW similar to Apr 2005, a potential washout gap down selloff in the SOX index, and five waves up in the NAZ/SPX/DOW from recent lows.
Unfortunately I can't list all the charts here. Go to:
http://spaces.msn.com/members/caldaroEW/
You be the judge!
FWIW: it's looks like pretty impressive evidence for the bull market to resume...
Unfortunately I can't list all the charts here. Go to:
http://spaces.msn.com/members/caldaroEW/
You be the judge!
FWIW: it's looks like pretty impressive evidence for the bull market to resume...