Buy and Sell Signals, Market Analysis, Money Flow, True Strength

Michael Pitre Author is a PRO memberHas Had Over 50 Followers Rank: 23 Followers: 65 Votes: 109 Years Member: 9 Last Update: 20 August 2014, 9:12 Categories: Market Timing
ETFs
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Monday PM....A good day for the market as we saw a breakout
for the Nasdaq and QQQ and the SPX cleared R1 resistance.
Internals were quite strong today so the strength was broad
based. Looking at the first chart below a number of positive
developments occurred today. We had a TSI cross and Force
turned green. The accumulation/distribution lines are crossing
to the upside now. There is power coming into the market.

Friday PM...The market sold off on news regarding the Ukraine
today an SPY moved down to test the 50 day ema. After that
test it moved higher to close almost even. Internals were somewhat
weak today. There is strong support at the main pivot line and
the 20 and 50 day moving averages. The advance was at the
point where a pullback was to be expected. The 2 hour chart
hit the 70 RSI level and the R2 resistance level and right at those
points the market started to reverse down. We should see more
upside in the days ahead in spite of some backing and filling like
we saw today. But I want to point a few weaknesses on the first chart below.
TSI has not had a positive signal so far...Money flow histogram
bars have not turned positive...Force is still negative...and On
Balance Volume is still quite weak. This indicates to me that
there is accumulation going on to some degree but it is not very strong.
This makes the advance somewhat susceptible to bouts of selling.
So this advance is more on the weak side imo but nevertheless it
is still moving higher.

Less

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! QQQ Daily

! SPX triple Moving Averages

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!! SPX 2 Hour

!!! VTI

!PRDIFDOW - Daily Solid Line (thin), Custom (900X675)

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