#1 FREE Swing Trading Strategy and Stock Picks for Day Traders
Bullish Percents all Bearish
Jan 14, 2009
Print
EmailAdding to the intermediate top picture are the Bullish Percents for the Dow, S&P and Nasdaq are now all negative. None of the indices came close to challenging price resistance during the Bullish Percents rally; very disappointing and a worry for bulls looking for a tradable bottom.
I think money will stay on the sidelines (or move back their for those in the market) over the next couple of weeks. I don't think we are going to see another big downleg like Sep/Oct as the associated period of volatility is a rare occurrence. More likely is a series of drip losses to take the indices back to November lows. From there it's anyone's guess but it will mark the first point of entry for value buyers to step in.
During these market conditions I like to read Richard Lehman's analysis on Trend Channels to get an idea as to what's happening over the short term. His reading of what's going on is a bounce looks best bet forward. If a bounce does materialise I will be looking for confirmation of the intermediate top with a failed test of former ascending triangle resistance.
by Declan Fallon (Fallond Stock Picks)
Rate this article
You Are Here:Home > Articles > Contributors > Bullish Percents all Bearish
Latest Articles
- Monthly Elliott and Fibonacci Analysis of India’s Nifty July 4
- Cars.com 2009 American-Made Car Index: Detroit Automakers Claim Only 5 of Top 10, Fewest Ever
- Waxman-Markey and the Great Depression II?
- A Reader Responds
- Chart of the Week: Breaking Down the S&P 500 Index in Q2
- US Workers Pay Continues to Suffer - First 0.0% Monthly "Growth" I Can Recall
- US Economic Week Ahead: The Calm after the Storm
- Update on 2009 Predictions
- Instead of Adopting Canadian-style Health Care, How About Learning from Its Banking System?
- Stronger Underwriting, Bigger Down Payments
- These Will Confirm
- Employment Situation: Job Anti-Growth - A Decade with Zero Net Added Jobs. 131 Million Nonfarm Payroll Employment in June of 2000. 131 Million Nonfarm Payroll Employment in June of 2009. 6,460,000 job losses since start of Recession.
-
Education
- Intro to Swing Trading
- Technical Analysis
-
Signals & Software
- SwingTracker
- Stock Scan PRO
-
Free Services
- Stock Charts
- Messenger
