Posted by sbaxman111 on 12th of Jul 2013 at 04:00 pm
The NDX has reached an RSI-2 of 99.99% with an RSI-5 of
93.95%. This is the 14th consecutive day that the RSI-2 has gone
higher without a pullback.
Early this morning the RSI-2 on the 60 minute chart hit 100
on the nose - something that I had never seen before. The RSI-14 on
the 60 min RUT chart has closed over 70% for 6 straight days as has
an even slower RSI-21 for 5 days.
So much for "free" markets......
Perhaps the Chinese GDP report on Sunday will provide the
impetus for at least a modest pullback.
"Surprisingly weak trade figures earlier this week raised the
prospect that China's slowdown will be sharper than anticipated as
China's central bank tightens credit to reduce financial
distortions. China announces April-June growth figures on Monday
morning and the mood ahead of the release was nervous — the main
index in Shanghai fell 1.6 percent to 2,134.50.
"China could be a cloud on the horizon after the finance
minister suggested that growth could come in at 7 percent for this
year, which is below the government's official forecast as well as
a whole host of others," said Michael Hewson, senior market analyst
at CMC Markets.
Europe's debt crisis also remains in the spotlight amid ongoing
concerns over the Portuguese government and whether the country may
need another bailout.
i was reading John Murphy's Market Message on stockcharts and he
said that the Nasdaq is in a bull market starting 2012. lol is this
another bubble....who knows..
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NDX RSI-2
Posted by sbaxman111 on 12th of Jul 2013 at 04:00 pm
The NDX has reached an RSI-2 of 99.99% with an RSI-5 of 93.95%. This is the 14th consecutive day that the RSI-2 has gone higher without a pullback.
Early this morning the RSI-2 on the 60 minute chart hit 100 on the nose - something that I had never seen before. The RSI-14 on the 60 min RUT chart has closed over 70% for 6 straight days as has an even slower RSI-21 for 5 days.
So much for "free" markets......
Perhaps the Chinese GDP report on Sunday will provide the impetus for at least a modest pullback.
"Surprisingly weak trade figures earlier this week raised the prospect that China's slowdown will be sharper than anticipated as China's central bank tightens credit to reduce financial distortions. China announces April-June growth figures on Monday morning and the mood ahead of the release was nervous — the main index in Shanghai fell 1.6 percent to 2,134.50.
"China could be a cloud on the horizon after the finance minister suggested that growth could come in at 7 percent for this year, which is below the government's official forecast as well as a whole host of others," said Michael Hewson, senior market analyst at CMC Markets.
Europe's debt crisis also remains in the spotlight amid ongoing concerns over the Portuguese government and whether the country may need another bailout.
SPY RSI 2 close at 99.81 as well
Posted by petermusic on 12th of Jul 2013 at 04:14 pm
i was reading John Murphy's
Posted by himsa on 12th of Jul 2013 at 04:02 pm
i was reading John Murphy's Market Message on stockcharts and he said that the Nasdaq is in a bull market starting 2012. lol is this another bubble....who knows..