Today both the S&P 100 ($OEX) and Nasdaq 100 ($NDX) Indexes switched from Short-Term Trend Model BUY signals to NEUTRAL, when their 5EMAs crossed back down through their 20EMAs. With only two days since the last signal changes, this is more annoying whipsaw, but I think these signals will hold for a while. I'll be making a full assessment in tomorrow's DP Weekly Wrap.
Today's decline was a retest of last week's low, a retest that obviously failed.
Of the four major averages we track here, the Nasdaq 100 was the only one that did not break through last week's low.
Happy Charting!
- Carl
Technical Analysis is a windsock, not a crystal ball.
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