according to IBD – “The Nasdaq composite ended with a gain of 1.5%. But the blemish to the gain was that the index met with some selling pressure as it approached the 7500 level. The index’s 200-day moving average currently sits around 7520. The Nasdaq closed in the upper half of Monday’s range, but it ended just below the 50-day moving average.”
The On Balance Volume (OBV) on QLD is not convincing – it is just above the levels on Nov 9th 2018 which is 59.337 Million as opposed to yesterday which was 59.786 million. no divergence (this divergence was exactly seen on Nov 7th 2018 at 62.335 million which was much below at similar QLD price levels on 10/22 when then OBV was 67.719 million)
then the market fell from 7500 Levels on Nov 7th to 6900 levels on Nov 20th – a drop off 600 points because of volume pumping up the price was not intense. OBV would indicate that very clearly.
according to IBD – “The Dow Jones and S&P 500 each added 1.1%, closing bullishly above their 50-day moving averages. Preliminary data showed volume on the NYSE coming in about 10% lower than Friday’s total. Nasdaq turnover was close to Friday’s.”
but for NASDAQ the cortical level of 7500 is not crossed.
Market is in rally but preserve capital and profits
CNBC has this “For the quarter, the S&P 500 rose 7.2 percent, its best quarterly gain since the fourth of quarter 2013.”
The article further adds this “The Nasdaq Composite also notched a 7.1 percent quarterly gain, its best since first quarter 2017. ”
DMSI – delta market sentiment indicator is 56.0
s&p 500 stocks above their 50 day SMA stabilized after it declined entire last week.
my decision – continue to stay in QLD and long on NQ
When the market fell on Monday, Look at the first chart – how much percentage of S&P 500 stocks fell below their 50 Day SMA? Just minuscule!
the second chart is the ETF FFTY is top 50 growth stocks in the market. It is holding well.
NFLX went up well in high volume on Monday.
Decision : I’ll continue to be in the market and am long on QLD and NQ.
Thursday, September 13th 2018 at 8:20 am Indian Standard tine and around 10:51 pm September 12th in NYC
it is a third day of bottoming for NASDAQ.
NASDAQ lost almost 1.1 % yesterday at one point of time then recovered well with a loss of little more than 0.2 % in slightly higher volume – green flag.
A/D line for NYSE has actually improved – 1554 stocks up in 1.95 billion volume and 1226 stocks down in 1.19 billion volume. Good up volume almost double then down volume and majority of stocks up. Green flag
3rd day S&P 500 going up and that too in higher volume.
S&P 500 stocks percentage above their 50 day SMA has improved to 65.14
and FFTY actually went up
decision – I am staying in the market and NQ