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Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

Aggressive Stock Market Sell Signal Given

Stock-Markets / Stock Markets 2014 Nov 12, 2014 - 05:00 PM GMT

By: Anthony_Cherniawski

Stock-Markets

I have been used to the NYSE Hi-lo index offering end-of-day results in the past. Only recently I noticed a change to intra-day information. Based on that, I converted the data to hourly and boy, was I surprised!

This chart clearly shows an unmistakable distribution pattern. This shows massive institutional selling in the after-hours followed by yen-carry ramps just prior to the open that is picked up by the algos and short-covering to boost the NYSE Hi-Lo index higher during daytime hours. The pattern began to weaken on November 3, leaving the top in the Hi-Lo index on October 31. Today we saw the Hi-Lo index open beneath the 50-day Moving Average and Intermediate-term support at 32.18.


The overall pattern sports an Orthodox Broadening Top, suggesting that the Hi-Lo Index must decline to -250.00 or lower (possibly beneath the -477.00 low) before retracing back to the mid-cycle resistance at 178.03.

The decline beneath -21.00 gives us our sell signal in the Hi-Lo.

SPX opened lower, clearly beneath the trendline. Unfortunately, the only close-by signal is the break in the trendline. The 50-day Moving Average is over 60 points lower.

Based on this the Model is giving an aggressive sell signal, subject to a break in the 50-day for confirmation.

VIX broke out of its Ending Diagonal this morning, giving us an aggressive SPX sell signal here as well. Confirmation lies above the 50-day Moving Average at 15.67.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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