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Intel Corporation Message Board

  • littlestewie88 littlestewie88 Sep 21, 2013 4:23 PM Flag

    Just A Thought On Market Technicals

    Although friday's selling could possibly be just an overbought pullback from the September rally which had lasted nearly three weeks, it sent some troubling technical signals, especially on the chart of the DJIA. The MACD of the DJIA, which is still below the level it was during the August high, started to turn over, suggesting the momentum in the September rally has been weaker than that in the August rally, and stocks have been losing upside momentum. In addition, should the DJIA continue to retreat in the near term, a double top (August and September tops; triple top if you include the May top) could potentially develop. It would spell trouble for the bulls in October. With that said, the DJIA composition change takes effect after the close friday with GS, NKE and V replacing AA, BAC and HPQ. The change could potentially bump up the index on Monday which could take it back to a new high. However, the weakening momentum, coupled with the negative divergences, should keep us all cautious. have a nice weekend folks.

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