I am looking down for this week. suspect the wave 4 count (posted for NYSE a few days back) is in play
Per John Murphy:
It's never a good sign to see the Nasdaq leading the rest of the market lower, which it did this week......Heavy selling in software and internet stocks were especially troubling. So is its chart pattern. ...On a closing basis, the Nasdaq is at the lowest closing level in more than a year. In addition, the Nasdaq/S&P 500 ratio has fallen to the lowest level in a year. That's a bad omen for the rest of the market. Weekly MACD lines have fallen to the lowest level since 2009. That greatly increases the odds that the Nasdaq will undercut its 2015 lows. That would complete a "double top" reversal pattern which would signal another downleg. If that happens, other major stock indexes will most likely do the same. That would also confirm that the stock market has entered a bear market.
(thanks to Bobo for the link)
Price action in gold was very positive last week and I think it likely the lows are in .The triangle breakoit posted on RRS is looking good !
Per John Murphy:
It's never a good sign to see the Nasdaq leading the rest of the market lower, which it did this week......Heavy selling in software and internet stocks were especially troubling. So is its chart pattern. ...On a closing basis, the Nasdaq is at the lowest closing level in more than a year. In addition, the Nasdaq/S&P 500 ratio has fallen to the lowest level in a year. That's a bad omen for the rest of the market. Weekly MACD lines have fallen to the lowest level since 2009. That greatly increases the odds that the Nasdaq will undercut its 2015 lows. That would complete a "double top" reversal pattern which would signal another downleg. If that happens, other major stock indexes will most likely do the same. That would also confirm that the stock market has entered a bear market.
(thanks to Bobo for the link)
Price action in gold was very positive last week and I think it likely the lows are in .The triangle breakoit posted on RRS is looking good !
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