Monday, March 02, 2015

Solid gains, especially for the Semiconductor Index

It was another good day for indices, but it was left to the Semiconductor Index to drive the biggest gain of the day. This is good news for Nasdaq and Nasdaq 100 bulls. The measured move target for this leg is 800.

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Sunday, March 01, 2015

Light selling, but not enough to threaten breakouts

Friday's GDP data didn't rock the boat too much, and by the close losses were light and inline with profit taking.

The only warning sign was a 'sell' trigger in the Nasdaq Percentage of Stocks Above the 50-day MA. Unusual in that the Nasdaq has been the high flyer of the indices in recent weeks. Breadth metrics for the Nasdaq need to be watched closely should such weakness expand.

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Thursday, February 26, 2015

Second Day of Quiet Action

The S&P lost a little, the Nasdaq gained a little, but there was no change in the larger picture.  The S&P registered a distribution day, of sorts: volume climbed, but as the index finished with a doji it doesn't really qualify as a heavy sell off day. The selling volume was enough to generate a 'sell' trigger in On-Balance-Volume too, but the whipsaw risk is high.

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Wednesday, February 25, 2015

Stall in Action

Not a day to get excited with. It would be pointless to say too much, so here are the charts:

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