Stockcharts.com: Weekly review
After a 1 week hiatus, how are the public listers rating the market now?
Joe Reed hadn't much to add to my earlier review of his charts. However, he has a new chart highlighting the convergence of indices into a potential top; perhaps similar to how converges of the indices in August 2004, April 2005 and June 2006 marked bottoms?
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_s52aDk75LFlp6H2kRJmNRERxPV1cVv9GciN62gqJH--JHOSHoWJMYyu2ISLMCUhnXOUyDWXI2AX_Zadv-ngAUpZuPEucDQY3lnBtDwCropDZ5g=s0-d)
He has also pointed to a convergence of tops in the RSI and Ultimate Oscillator of the Dow (but haven't we all!).
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sneekm_zMzm7xKKQ-yeZLNpcsq4xxRWB380yuvqgpgsNOuqrNqZpbymSottU25OkL4trnXIC2pGi3HF10h1VurwjHTqBmlM0GJDR3ZB2vDuxBE4Q=s0-d)
Mitchell Meana has taken a more optimistic view; he is looking at a potential fifth wave rally up for the Qs/Nasdaq 100:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tFxdzMfez-kgfL-IkEyjePJos0RGM9h_CVeh8J4iOgVcKFntQKZ2RijdG4gMNLzIf6zyJC6pWavAZ1zXmO8YjYLeBAqhKTsa8Ob3Ym-xEd0QvBGt6s=s0-d)
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tkTl-Qu6JFlXBC5-Y_R1zicGSdNKxAwsgeeH8fYvQHEgyqWL3q2t6j2UcA7jfIMwRq9btUohS6_YDpo4CH6_bhwouXlnTRHfcWibBmI8jVbGlB7srcHA=s0-d)
With a crude head-and-shoulder reversal in the Nasdaq:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vBIMScDKPoAQ8Zhxi2ojg_uejYW2BHWON6CJpNJakkFyPwPNjASw4Sq27AFvBJ3lPval-dQ_CGCHG0A5xCoVidNdjLMHGSvNtKB3AjkEzs08503vnObw=s0-d)
His bullish count extends to large and small caps (note declining volume in the IWM as it makes each new high - this could throw a spanner in the works for the bull count):
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vmD7aj2-_ux3hkA2oFyxniwEMv7ZSKOh9L_QhauTwNeZ8XKzl07U8W_zWy39NmBtuRQMPNvSd6D0vho-awK6kf2x2JYdWl8DfmptdUhVvmDNnC4sH8jA=s0-d)
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_u3NF2DljZjuJUSYBqLz-POdcZhZFxHrYY5mBge9r2G6pUc2uE5_-L15VBSgzb7Ezko5uvLSOs0Eth-BKfuUQclj3v83htuigDubCQbMqvQEBmGQDkaQA=s0-d)
Joe Reed focused on the Energy Select SPDR (XLE); he highlights the action the ETF suffered during August when it traded at resistance and how it is repeating itself now. Further information is available at his website:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_unhFlhibzUyjNUPU-TCLd2t6QCZps7WZzq1t3ClPfphXk_40x5qF9ij2Ez2DGaZp_kmnJ6zkNMWYyJll6ti-ICA17gpodQX2EcAC8Zl8NPar0hDSqf=s0-d)
and a similar view for GLD:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uM_44sJNIMktsOiNWV0AJoFRUIxBewCKuKRPrjoMJj-_YSgH4R1eGtjWGg-YJISmraSs0diYQtrb2GZiY1rWr2VOkyG-OyXBKcOod7eE_4N1LgEigy8w=s0-d)
He has also marked support/resistance on the 30-min Qs chart:
With the Russell 2000 stuck at resistance:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_t2LG9jS_nwT4Mx2dFmFDT5Y6-H0HYNrJqhmDsuUPYO4uoAmM82GU_deApJNzCSeP4qya1-__bV2h0p2HFALCzYTphJSbbwHxcYnQ6TGJeWEZtyj1nXgg=s0-d)
Perhaps his PnF chart for the Nasdaq and its upside target of 2,540 will provide some support to Mitchell's fifth wave run?
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vsuuLCP5ZLl5VTrGf2paGypSOlrRHE3qGjin7yrc3oVBh1-jYXMQ4KV_7vfVFPB0PsmmwseWkmhFKd129PVjGHRzZaT_4E5cmruNzOXsQuCaXu2EGo-A=s0-d)
Robert New has stuck to his cup-and-handle prediction for the Nasdaq. The negative divergence in supporting technicals dominating the picture:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sFcy8XgjhqUq8B7iyn29SUfyXOzcv9UrEFMBxa_jFEx_iAr-sxlZdP8G9uG4iZ0QviOZFXE8-7c_LxZHKZoPbsh7kTOpi0FNbaRlSdhelMT2KIDQ=s0-d)
and is optimistic over the longer term:
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tbA9dxnjg2W0njdEvQKHfyEpCCQBl5KOVNGa_b7iHd94WsIKZET2s6SN4rR-xtvUUVN9IRgppJ5GW8NHmqSx-z8YXrxlHnRt-q6vjvkNJQ2mJs3QM=s0-d)
In summary, the Stockcharters look to favor another leg of the rally before things turn sour. The bulk of the indices do trade at resistance, but a break of these levels cannot be excluded from the equation. Richard Lehman has 2 pages of intraday channels drawn for the indices which are worth checking out (this week's review was a little long to include them). Cautious optimism, perhaps?
Stockcharts.com
Joe Reed hadn't much to add to my earlier review of his charts. However, he has a new chart highlighting the convergence of indices into a potential top; perhaps similar to how converges of the indices in August 2004, April 2005 and June 2006 marked bottoms?
He has also pointed to a convergence of tops in the RSI and Ultimate Oscillator of the Dow (but haven't we all!).
Mitchell Meana has taken a more optimistic view; he is looking at a potential fifth wave rally up for the Qs/Nasdaq 100:
With a crude head-and-shoulder reversal in the Nasdaq:
His bullish count extends to large and small caps (note declining volume in the IWM as it makes each new high - this could throw a spanner in the works for the bull count):
Joe Reed focused on the Energy Select SPDR (XLE); he highlights the action the ETF suffered during August when it traded at resistance and how it is repeating itself now. Further information is available at his website:
and a similar view for GLD:
He has also marked support/resistance on the 30-min Qs chart:
With the Russell 2000 stuck at resistance:
Perhaps his PnF chart for the Nasdaq and its upside target of 2,540 will provide some support to Mitchell's fifth wave run?
Robert New has stuck to his cup-and-handle prediction for the Nasdaq. The negative divergence in supporting technicals dominating the picture:
and is optimistic over the longer term:
In summary, the Stockcharters look to favor another leg of the rally before things turn sour. The bulk of the indices do trade at resistance, but a break of these levels cannot be excluded from the equation. Richard Lehman has 2 pages of intraday channels drawn for the indices which are worth checking out (this week's review was a little long to include them). Cautious optimism, perhaps?
Stockcharts.com