Chartists can get an idea of the overall market trend by comparing the number of bullish P&F signals with bearish P&F signals. StockCharts provides this data every day on the
predefined scans page. Notice that there are 87 Triple Top Breakouts on the NYSE and only 40 Triple Bottom Breakdowns. The same is true for the Nasdaq. Click on the number to see the stocks meeting the particular scan criteria.
Click this image for a live chart
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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