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Update: NASDAQ Composite Bullish Percent

|About: Shelton Capital Management Nasdaq-100 Index Fund (NASDX), ONEQ, QQQ, Includes: DIA, SPY, SQQQ

Here in appreciation of our real-time subscribers is our recent update.

When the NASDAQ Composite Bullish Percent index peaks (forms an up-spike) while the RSI is in over-bought (above 70) and the MACD has completed a bear cross-over, the stochastic drops to meet the extreme over-sold level (horizontal blue dashed-line) as the NASDAQ Composite pulls back.

That was true for five of the last six cases. In 2016, everything lined up, but the stochastic bounced first before hitting the over-sold line, and the NASDAQ continued to rally before pulling back (blue rectangles). That is very similar to today's situation (chart below).

A pullback is likely close at hand. Perhaps the Fed announcement today will be the excuse for the pullback as a "sell-the-news" set-up comes into play. When the pullback comes, we will be buying-the-dip.

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