The 60-minute trend is down according to the force index indicator. %b has printed a slightly negative divergence. The Nasdaq has managed to print new highs, but actually momentum is very low. Support at 1740. Prices are moving within within a slightly positevely inclined channel. Prices are now testing the lower trendline. I would expect a negative week. Many stocks are still trading above their 20-day moving averages, but the picture is more mixed than last week. Actually only MSFT and AMZN printed a 20-day high on Friday. AMGN, BRCM, CMCSA, DISH, GILD, JAVA, NVDA, QCOM printed a new 20-day low. MSFT printed 4 consecutive up closes. TLAB, GILD, EBAY printed 4 consecutive down closes. This week the Nasdaq printed new highs, but I 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:
Read the rest of original post »
