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Monday, July 27, 2015

Monday, 7/27/15 update

Al's Daily Indicator is solidly in buy territory on both the 10 day and 20 day basis:

10 day

20 day
This is not a buy signal, just a precondition for a buy.  Need to see a break above the downtrend line defining the sell off so far.  A break above a reading of 1.00 on these indicators would also help confirm that a low is in place.

Saturday, July 25, 2015

Saturday, 7/25/15 update

Two long term possible counts remain in play for the ES:

Alternate #1

Alternate #2

Alternate #2 seems a better fit from an EW standpoint.  A more lengthy discussion of these two alternates can be found here.

 Short term chart:


Sunday, July 5, 2015

Sunday, 7/5/15 update

Big hit on equities Monday into Tuesday last week, "oversold" bounce the rest of the week.  And a bounce is exactly what it looks like with a choppy and overlapping pattern.

Price chart is the NYA.  The uppermost of the two indicators below the price chart incorporates volume, adv/dec & rate of change statistics, the bottom indicator is an analysis of the NYSE tick.  On Tuesday & Wednesday both those indicators rocket up from buy territory to sell territory, but prices don't put a strong impulse pattern in place.  So it appears that on the very short term a correction is winding it's way out and more bear action is on it's way.

Also on the VST there are two possible EW counts of the action since the Jun 22 high.  Both alternates contemplate further selling to come:

 Alternate #1

Alternate #2