was today the top of the bear rally?
- Thread starter LT701
- Start date
A reversal day normally does not bode well for the market, but I don't consider this a true reversal day. The ndx lost a fairly significant gain, but the s&p drop from the high was really insignificant. The bullish percent index continues to rise, and all systems are go as far as I'm concerned.
Technical reversal off the 200-day MA for the Nasdaq.
The major market indexes have cleared several levels of resistance in the past few weeks. The next step: the 200-day moving average. The Dow hit that line the week before last, only to head lower. Other indexes have also flirted with it, only to turn back.
Both the Nasdaq and the NYSE composite ended below their 200-day moving averages after poking above that line today.
pS
The major market indexes have cleared several levels of resistance in the past few weeks. The next step: the 200-day moving average. The Dow hit that line the week before last, only to head lower. Other indexes have also flirted with it, only to turn back.
Both the Nasdaq and the NYSE composite ended below their 200-day moving averages after poking above that line today.
pS
Maybe it is, but know that Elliott Wave International claims today's top was the early stages of wave 3 down (daily degree). The last 2 times they made that call were May 7 and April 11. Since April 11 every major indice has made a new high and since May 7 the mid caps, small caps, and Nasdaq have made new highs.
Bullish percent index on the S&P 500 went up to 58.6 from 57.2 yesterday. However, the % of stocks above the 50 DMA for S&P 500 is now 77.76, pretty close to the the % reached at the top in October 2007.
Maverick