Sorry this did not get out over the weekend but I
have been preoccupied with the winds here in Southern Cal.
On a weekly basis the DOW is near an intermediate
low at around 13450 ( reached it this morning). On a daily basis the sell off
has put in a position for a reversal however I have no Near Impulse signals or
trend change signals yet.
The S&P cash is in similar position however I
do have a N.I. day on Friday suggesting a trend change is within one trading
day.
The NAZ is the strongest of the three but
generated a weekly sell signal last week. It could fall another 100 points
before getting a buy signal.
The Russell 2000 also gave a weekly sell signal
but is near a daily reversal point.
My conclusion is we will see a weak bounce on
Monday or Tuesday before the weekly down trend continues.
Regards.
Jim White
Pivot Research & Trading Co.