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Looking up again

Posted by Dan on September 26, 2016

Last week we wondered whether the market would continue to correct, or gradually turn up again. It now looks we did indeed muddle through the week and stocks are searching for new highs again. We remain in a lunar green period and the technical situation has improved. Here is the Nasdaq chart:

comp-daily-12_18_2014-9_23_2016

The slower Earl2 (orange line) has finally bottoming out and the Nasdaq is printing new record highs. The Earl and the MoM indicator have further room to rise. So, a climb to overhead resistance near 5400 is feasible, but of course not guaranteed. Around 5400 I would look for selling to come in at the long term trend line (green).
Reversal levels are in bullish mode for all major indexes and time will tell where this upswing ends.

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