Nasdaq Market Wrap 28 March 2009

The emini (NQ) trend in the 60 minutes chart is up according to the force index indicator. In the figure you can also see the %b indicator, which is derived from the Bollinger bands. %b left the overbought level. After the breakaway gap of 10 Mar, on 23 March the market has printed a continuation gap. The gap printed on 26 March could be the exhaustion gap that signals the end of the up leg. We will see if it is closed in the next few days. Prices tested the critical level of 1280. A breakout of this level would be very bullish because the market is testing this level for the 3rd time since January. The technology sector is outperforming the djia and S&P. Note that prices are well above the November low. Lower supports at 1200 and 1180. The pattern printed on Friday is a bearish harami.


In the Figure you can see a summary of the trend conditions of the Index stocks. I used the 20, 50, 100 and 200 days moving average of the close. The background is Green when the close is > than the moving average. Red when it is below and yellow when it crosses. + and - indicate the slope of the moving average.

RANGE ANALYSIS
I have also programmed Tradestation Radarscreen to display:
- range of the past 20 trading sessions (%);
- % from the lowest close of the past 20 trading session. The cell
is RED if the close of today is the lowest close of the past 20 days.
- % from the highest close of the past 20 trading session. The cell
is GREEN if the close of today is the highest close of the past 20 days.
In the other columns I included the % of the close from the 20,50 and 100 days moving average.

CONSECUTIVE UP/DOWN CLOSES
I have programmed the Tradestation Radarscreen to display how nany consecutive up/down closes have been printed and what is the probability that the next day tomorrow) the asset closes in the opposite direction. I have calculated the probability using the past 1000 trading days.


The stocks object of screening are:
Apple Computer Inc (AAPL), Adobe Systems (ADBE), Akamai Technologies Inc (AKAM), Applied Materials Inc. (AMAT), Amgen Inc (AMGN), Amazon.com, Inc. (AMZN), Broadcom (BRCM), Comcast Corp (CMCSA), Costco Wholesale Corp. (COST), Cisco Systems(CSCO),Dell Inc (DELL), EchoStar Communications (DISH), eBay Inc (EBAY), Genzyme Corporation (GENZ), Gilead Sciences Inc. (GILD), Google Inc (GOOG), Intel Corporation (INTC), Sun Microsystems Inc (JAVA), Juniper Networks (JNPR), Microsoft (MSFT), Network Appliance, Inc. (NTAP), Nvidia (NVDA), Oracle Corp (ORCL), Qualcomm Inc (QCOM), Research In Motion Limited (RIMM), Starbucks Corporation (SBUX), Sirius Satellite Radio Inc (SIRI), Tellabs Inc (TLAB), VeriSign Inc (VRSN), Yahoo (YHOO)