Weekend Update, 2009.08.22

22. August 2009
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Another week of rallying on Wall Street.  Definite move higher?  Maybe not.  Let's take a look at some major indexes and see how bullish things really look.

ES Daily:  While it is true the ES moved higher, we went right to the 1.272 fib projection (to the tick) on Friday.  Also, the 3/10 Oscillator is showing divergence with this new high as well as a move below the zero line and a possible retest of the zero from the bottom.  (The YM made a very similar movement)

 
NQ Daily and $TRAN Daily: Some consider the NASDAQ as the leader of the market.  Others consider the Transports ($TRAN) the leader.  In both cases, they failed to make a new high and instead made a double/triple top (depending how you look at it).  Both with similar 3/10 Oscillator divergence.
 
 
 
 
$BANK Daily:  Another possible leader of the market is the NASDAQ Banking index ($BANK).  In its case, it didn't make a new high at all and instead made a lower high.
 
 
 
More to come...
 
 
 
 

Market Update

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