Overview of Short-term Signals Set to Trigger
By
Rennie on Monday, May 17th, 2010 at 3:14 pm
Quick review of short-term signals that could be triggered at today’s close…
The Nasdaq100 is outperforming the Nasdaq Composite for the second day in a row Monday. NDX will trigger a 1-2 day buy setup if it closes down 0.5% or more and continues to outperform the Nasdaq Composite. See May 7th commentary.
The two-day buy setup involving an oversold McClellan (discussed in this May 7th column) is set to trigger today.
S&P futures currently trading above today’s midpoint of 1126.60 in spite of 2:1 negative breadth. If this afternoon recovery sticks and futures settle above the midpoint while the advance/decline ratio holds below .50, it would trigger a 1-2 day sell signal similar to the one almost triggered Friday.
If the S&P manages to close higher today, it would trigger a 1-2 day sell given the sharp intraday selloff – see this February 7th column.
While it looks like we could see a mixed outlook for the short-term based on the signals above, I would tend to overweight sell signals if triggered.
Overview of Short-term Signals Set to Trigger
By Rennie on Monday, May 17th, 2010 at 3:14 pmQuick review of short-term signals that could be triggered at today’s close…
The Nasdaq100 is outperforming the Nasdaq Composite for the second day in a row Monday. NDX will trigger a 1-2 day buy setup if it closes down 0.5% or more and continues to outperform the Nasdaq Composite. See May 7th commentary.
The two-day buy setup involving an oversold McClellan (discussed in this May 7th column) is set to trigger today.
S&P futures currently trading above today’s midpoint of 1126.60 in spite of 2:1 negative breadth. If this afternoon recovery sticks and futures settle above the midpoint while the advance/decline ratio holds below .50, it would trigger a 1-2 day sell signal similar to the one almost triggered Friday.
If the S&P manages to close higher today, it would trigger a 1-2 day sell given the sharp intraday selloff – see this February 7th column.
While it looks like we could see a mixed outlook for the short-term based on the signals above, I would tend to overweight sell signals if triggered.