I was going through my chart lists and stumbled upon this monthly chart of the BTK-NDX ratio that was created many months ago to show the secular bull market in Biotech sector leadership (over large, varied tech), which at the time had gotten too far above its monthly EMA 30.
The orange box was created at that time and despite all the hoopla going on now, wouldn’t you know that BTK-NDX has simply reset to its 20 month moving average (mid-Bollinger Band)? Let’s hear it for Hillary’s tweet! Maybe she saw this chart and decided to help it along.
DOW has reached initial resistance with bounce target #1 about 100 points higher.
Continue reading NFTRH; US Market Bounce Progress
Today may or may not be the bounce that was expected off of the bearish developments last week. If so, or in the event such a bounce materializes this week I wanted to put some parameters down on the QQQ.
Continue reading NFTRH+; QQQ Bear Setup Parameters
Well, here came the short covering rally in the precious metals. By calling it that I don’t mean that it cannot turn into something more, but today was most assuredly driven by short covering as the US dollar unwound some of its speculative sponsorship. One can assume that large speculators took it on the chin on both ends, in the USD and in gold/silver as the Commercial traders had been aligned increasingly bearish and bullish, respectively.
Continue reading NFTRH; Multi-Market Update
Updating the charts we have used to gauge October’s little bearish ripple and projected bounce back.
Continue reading NFTRH; INDU, SPX & NDX Updated
A brief update on the headline US markets, namely the Dow, S&P 500 and Nasdaq 100.
Beginning with the latter, we note that Mark Hulbert’s Nasdaq newsletter writer sentiment data shows a very bearish sentiment profile, which is contrarian bullish.
Continue reading NFTRH; INDU, SPX & NDX Status
Gold stocks are down again today and it is now decision time (for the sector if not individuals). That is because the parameter is to not make and hold a new low to the May low on a closing basis. We noted that a bounce is possible and if it is going to happen it should happen around here, at the May low with a similar over sold RSI. Either that or it would be broken with a lower low (that does not reverse quickly).
Continue reading NFTRH; Multi Market Update
We noted last weekend in NFTRH that it was probably not a good thing that the VIX’s tech-related cousin, the Vixen was dropping in lockstep with the expected bounce in the Nasdaq 100. Here’s the weekly chart.
Much like you want to see a stubborn refusal to accept risk at a bottom, you want to see them buying back risk on a bounce at a top. Well, you want to if you are short, which I am.
Here is the weekly view of the index to which the Vixen is assigned…
Continue reading Confidence in Big Tech?