market remains unchanged. 65.27 % of S&P 500 stocks are above their 50 Days SMA.
Look at the chart above – QLD is in candle sticks weekly 2 years chart
IGV is software setor ETF and XLV is health care sector – QLD is up 124 % and
IGV – 76 % and XLV 30%
Nothing beats QLD
Decision : I will continue to be long on QLD and 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.
- NDX 3 months daily chart comfortably above the 9 EMA daily (7519), currently at 7545.50, about 25 points above 9 EMA Daily.
- on Friday NDX did not give up so much of any of Thursday’s gains.
- 2 red flags on QLD Wednesday and Friday last week 12th and 14th September – Green price candles on Red volume in Heiken – Ashi chart. good volume 1.39 and 1.27 million.
- ES broke all short term nasty resistances at 2890 and 2895.
- good sign – NYSE advance decline line 5 days of increase. 1433 stocks up in 1.58 million volume and 1344 down in 1.27 million volume.
- Accumulation Distribution – C- on S&P 500 and B- on NASDAQ.
- Market sentiment indicator – since Thursday (sept 5th) and Friday (sept 6th) was big fall in the market the sentiment indicator went down from 62.3 to 56.1.
- very good sign – the above chart – the percentage of S&P 500 stocks above their 50 day SMA has gone up top 68.45 !
decision – i am going to stay in the market.
Tuesday September 11th 2018 around 11:30 am IST around 2:00 am, Sept 12 New York
S&P 500 increased for the first tie in 6 days. the advance decline line A/D line had the first positive reversal – stocks up in higher volume for the first time in 6 days. – 1719 Stocks up in 1.46 Billion volume compared to 1061 stocks down in 1.17 billion.
Number of S&P 500 stocks above their 50 days moving average increased to 65.89 percent. – which is a good positive developer
QLD Volume substandard with 990 K
Over all the market is still in uptread
Decision – I am continuing to participate in QLD
NQ – yesterday it was up and down – i stayed out
today is : Thur September 6th 2018 around 9:30 am Hyderabad, India. Time in New York City : 00:08 am on Thursday September 6th 2018
well them days!
a good pull back put some breaks and exits some people.. yesterday a good bounce off 22 SMA for QLD and NDX is a good sign
never the less the high volume sell off of last 25 -30 trading days has gone up to 5 for the entire market. the +1.2 % sell off in NDX had first occurred on August 15th and then just yesterday.
Now its the 5th continuous decline in S&P last 5 trading days but there is a silver lining. the accumulation distribution line A-D line has flattened with 1533 stocks down in 1.50 Billion volume and 1258 stocks up in 1.6 billion volume (yesterday was 990 stocks up in less than billion volume)
QLD has a clear slicing of 9 EMA on daily chart on higher volume – 517 K volume.
Now look at FFTY below – the leading growth stocks ETF. What a bounce above 22 day SMA and it closed just below the 9 EMA!
decision : stay in QLD.
for NQ As soon as euro market is opening it is falling
currently : 7525 is a good support and 7550 and 7600 and 7625 is nice resistance
AMZN, MSFT, GOOG, APPL is 25 +% of NASDAQ! only APPL held good yesterday
Happy trading !
FFTY is the index of leading stocks in the market. It is actually an ETF. the market’s leading growth stock. It is an excellent indicator of general health of the market, for the institutional buyers buy the best stocks in good times, and dump them to preserve their profits in bad times.
Since Aug 20th 2018, FFTY went up around 7%, NASDAQ up 4%. that is brilliant and beautiful.
they have been 4 high volume selling in the market last 30-40 trading days. a good count and not that bad. yesterday (i am here in Hyderabad India with my parents and it is wednesday here September 5th 2018 around 9:00 am) the volume came up above Friday. Now it is not bad because it is a labor day holiday weekend volume..
the Accumulation Distribution line for NYSE has reversed with 1810 stocks down on 2.01 Billion volume and 990 stocks top in 0.94 billion volume and the number of S&P stocks that have been trading above their 50 day SMA is fallen down since last August 29th till yesterday, Wednesday to Wednesday – which is just 4 trading days, from 73.75 to 66.48 7%. these 2 are red flags.
QLD volume is 768 K and it is a red H-A candle with red volume but not significant volume. QLD wonderfully above 9 EMA daily chart and a nice bounce yesterday.
Near term NQU18 near term resistance is 7650 and then 7693 and then 7697
decision : wait in NQ to enter stay in QLD long
above is a weekly close for QLD.
QLD which is 2X Nasdaq 100 appears to have hit a plateau 2 weeks in a row 10/16 and then last few days.
last 4 trading sessions NASDAQ hit 3 distribution days – which is concerning.
On 5/29 week QLD closed 62.65, where as the MA 20 Weeks was 53.67 – 8.98 dollars difference! about 14 %. Then it dropped by 6.3 dollars (around 10%)
The situtation is not that bad now – the difference between the two (MA and the price ) is about 4 %
Now for the current scenario – the ATR 20 DAYS is 2.43.
So lets wait and see. No clear sell as yet