An old friend who recently touched base asked me what I think of the markets here. I told him I'll tell him what I think of the markets, but more importantly, I will tell him what the market thinks of the markets! And those are two different things! First me: I think equities are overvalued by a significant degree. Refinitiv, in their report dated 12/2/22,...
Nothing is certain here, we might go through the line and have big bullish move. If we rhythm with the past then cooling off here is expected.
NDFI’s mid-term trend chart is presented. ___ Prompt: New traders should take some time and carefully read the post entitled 'You can't beat the market' that is located in my profile. Disclaimer The author of this text is not an investment advisor. The preceding content is intended to be used for informational and educational purposes only. It is not an advice...
The percentage of Nasdaq 100 stocks trading above their 50 DMA is at 33%.
Once again this index signaled an oversold market. We had a positive divergence at the bottom of the BB(100). Official long if DPO gets above mid-point(almost there) and a break of trend line resistance.
Index is now NEUTRAL. If it doesn't hold KEY SUPPORT there will further downside in the QQQs.
DIVERGENCES AT TOP / BOTTOM of BB(100) are a reliable indication of temporary or long term top.At the moment it's a temporary reversal from overbought conditions, DPO still above mid point. If we break the short term support ,there will be more downside in the QQQ.
The index is BULLISH, just broke resistance ,DPO bars rising and above mid point.
INDEX is on the verge of breaking down.At moment the DPO is below the mid point. A break below support would signal a medium term DOWNTURN in the Q's.>>>>DIVERGENCES are very effective with this INDEX ,especially when they occur at the bottom or top of the BB(100). Great Index to watch for the short to medium term swing trader.
THIS INDEX CAN BE USED IN 3 WAYS: short term overbought / oversold, .starting of a bear market and divergences for reversals.Currently there is a oversold & short term divergence so we could have a short term counter trend upside.