The 60-minute trend is down according to the force index indicator. %b has printed is already close to the oversold level. Prices are testing the closure of the up gap printed on 14 October. A successful closure would open a negative phase on the Nasdaq.That up gap could be seen as an exhaustion gap. Support at 1710 and then 1690. Most of the stocks are trading above their 20-day moving averages and at or pretty close to their 20-day high. The situation however looks less positive than in the DOW. NVDA printed a new 20-day low. GOOG and ORCL printed a 20-day high. SIRI printed 5 consecutive up closes. ORCL 5. This week the Nasdaq printed new highs, but the breakout so far has not been succesful. You would expect a correction toward supports. I am quite sceptical on the ability to go much higher from here and I would sell new highs. (I admit I have been waiting a medium term correction for some time now).
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)
Via Short-Term Trading:
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