After deep declines today, the DP Scoreboards lost most of their short-term BUY signals. Rising wedges had appeared on the daily charts and today's decline confirmed it. The expectation is a breakdown from the wedge. The NDX is showing the most relative strength as it continues to cling to its short-term BUY signals. It's beginning to look like we will see a double-bottom rather than a "V" bottom. Be sure to read tomorrow's Weekly Wrap by Carl Swenlin, he'll go more in depth on the short- to intermediate-term market conditions.
The strongest support levels on these indexes are the lows set on the February correction.
Helpful DecisionPoint Links:
DecisionPoint Shared ChartList and DecisionPoint Chart Gallery
Price Momentum Oscillator (PMO)
Swenlin Trading Oscillators (STO-B and STO-V)
Technical Analysis is a windsock, not a crystal ball.
Happy Charting!
- Erin
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