Weekend February 20, 2016
I will be speaking at the 2016 Social Mood Conference. The Conference is promoting my talk hwith a best of podcast edited from my interviews this past summer at the Institute.
Stocks
The reliable NYSE A/D line has double bottomed, RSI is turning up and the index has fallen some 3,000 points.
The bullish case would require the 13 EMA to cross over the 34 to the upside. Again John Murphy stated the correction was over this past week. But even today admits a lot more needs to be done.
Percent above 200 day MA
Our view has been that this is a full fledged bear market. But bear markets correct. Here this indicator has reached the previous August low and looks to be recovering. Again we need a crossover of moving averages.
Weekly Transports The Chart of the Week
Weekly signals are much more important than daily signals. Here the Transports will generate a weekly buy signal by closing next week over 7466.31 while trading at 7285.95. That is a mere 185 points which is only a two percent move. At bottom MACD looks to be turning up. And top to bottom the index has lost about one third of its value.
The next week will tell the tale.
Apple the biggest stock in the world
Apple has returned to its last August low, MACD looks to be bottoming, hmm, is John Murphy right, this the low?
Energy
Sigh, I have maintained that crude oil has been making a bottom here. Every time I get optimistic Iran spouts off that they will not play nice and cut back production.
And so here we are at the 50 day MA. Again this next week will tell the tale.
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