Summary:
Could be a rebound at least tomorrow morning especially QQQQ.
2 vs 2 bulls won? Not sure if I counted correctly.
Nasdaq leads market pullback this time again?
| Trend | Momentum | Comments - Sample for using the trend table. | |
| Long-term | Down | ||
| Intermediate | Up | Overbought | |
| Short-term | Up | Neutral |
No conclusion today, a few interesting charts though.
1.0.3 S&P 500 SPDRs (SPY 30 min), 1.1.5 PowerShares QQQ Trust (QQQQ 30 min), Bearish Rising Wedge target fulfilled and a new price channel could be formed, especially QQQQ which has a few positive divergences, so very likely it will rebound at least tomorrow morning.
7.1.0 Use n vs n Rule to Identify a Trend Change, if no new high today, 2 vs 2, bulls won, then the pullback could be seen as a buyable dip. Just because SPX had a new high today, so I’m not sure if it could be counted as 2 vs 2.
As we all have noticed that Nasdaq lagged recently. Unlike SPX, Nasdaq failed to reach a new high recently. This is like a general (SPX) leads the charge while soldiers (Nasdaq) fall behind, therefore it’s a bearish sign. I don’t know if it’s true or not, just from the chart below, the last time this happened, market had a little bigger pullback.
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