Even with the market down last Friday, the NYSE saw 1073 issues rising on their PnF charts and 188 falling. There were 47 new buy signals given and 9 new sell signals given. There were 943 upward reversals and 61 downward reversals.
That Nasdaq had 684 issues rising on their charts and 289 falling. There were 52 new buy signals given and 7 new sell signals. And, 558 upward reversals and 115 downward.
So, despite the Dow being down, the NYSE Bullish Percent rose by 1.70% and the Nasdaq Bullish Percent rose by 1.39%. Odd, no?
Mixed signals and divergences again.
Happy Monday, everyone.
UPDATE: I think that we’ll see a move back to over 10,000 DJIA in the next couple of weeks. What to buy? Anything, except the late cycle stocks related to energy and commodities. I’d focus on dividend paying stocks, if I were you.
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