Nasdaq Market Wrap 1 November

The 60-minute trend is down according to the force index indicator. %b has printed a slightly positive divergence. Finally prices have moved quickly to the downside. The Nasdaq is underperforming the Dow and the S&P. In fact, the breakout of the rising trendline has already occurred. On Thursday prices retested the trendline and Friday accelerated to the downsode quite impressively. Support at 1650. Then 1590. Prices are now testing the lower trendline of a channel that prices are forming. I would expect overall a negative week. Many stocks have printed new 20-day low. I remain negative on the market although there may be temporary rebounds.


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)