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Bob Palmerton
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Mr. Palmerton is the founder of Baseline Analytics TrendFlex, a market trend-following system incorporating high-probability trend change signals. Robert is a Registered Investment Advisor. He is co-founder and advisor to The Absolute Return, LLC, which manages a family of absolute return... More
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  • Nasdaq Technicals Find Support 0 comments
    Sep 3, 2013 9:54 PM | about stocks: QQQ, NDAQ, DIA, SPY

    While the S&P 500 has corrected 4% from its early August high, the Nasdaq has declined about half as much, finding support at a gap up formed in early July. This underlying strength helps support the case that we are seeing a modest pullback in an intermediate-term uptrend. See the chart below:

    (click to enlarge)

    Today's 23-point gain was accompanied with higher volume (likely due in part to the Microsoft/Nokia news). Nonetheless, CCI and MACD, both of which reached intermediate-term lows in June, have both made higher lows ( a bullish sign) since the sell-off in June.

    While we are not yet ready to turn bullish during this modest market setback, strength such as that expressed by the Nasdaq is a reason to start building our potential buy list for a resumption of the uptrend.

    Visit Baseline Analytics TrendFlex for the latest market trend signals and risk assessment of the current stock market trend.

    - Baseline Analytics

    Themes: Stock Market Trend Stocks: QQQ, NDAQ, DIA, SPY
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