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Below is an excerpt from our in-depth weekend analysis for members.
Updates 2:34 PM EST - Sunday 7/5/20
Long Term Portfolio and Medium Term Trades
The main message from $SPX $NDX IWM is this.
This does not bode well for the continued strength of the bear market rally. But it will take some transition time before Dive2 arrives. The key date to monitor for the near future is FOMC announcement on July 31.
Let's drill down into the signals.
The overall message from market internals is that there is a bearish divergence brewing for multiple indicators.
Bounce8 started on 6/29, and between 6/29 and 7/2, NYSE and Nasdaq stocks have been having mostly net advancing days. However, even though this is the case, the cumulative readings for NYSE and Nasdaq A/D are down. This is a bearish divergence.
Additionally, Nasdaq stocks are exhibiting the bearish divergence patterns that showed up before between August and October 2018, and January and February this year.
Percentage of stocks above their 200-day MA:
Equity put/call ratio:
This ratio is in neutral territory right now, so it is hard to call.
The rest of this post covers
Short Term Support & Resistance Zones
5-minute Chart Thrust Counts
Important Hourly Chart Patterns
Short Term Trade Setups
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