Chart of the Week: Nasdaq Comp: 52 Week Highs/Lows
The 10-day MA of new highs-new lows on the NASDAQ (green line) is still trending below the zero line. While it can gauge oversold levels is also suggests that conditions are weak and deteriorating.
Nasdaq Comp: 52 Week Highs/Lows
click for larger chart
Kevin Lane observes “After breaking an accelerated up trend the S&P 500 is probing the January lows (towards 1,160). Some where in and around these levels as the S&P tests a secondary up trend line and support we would suggest the market will try to at the very least make a shortterm bounce.”
Quote of the Day:
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a solution that is simple, neat and wrong.”
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