Chartprofit eBook 3rd February 2014

Chartprofit eBook 3rd February 2014

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From pre-open comment today – Monday 3rd February

 

Strictly applyingmy rules I had to mark Responsive Buying (green-at-bottom) on Friday but there are too many negatives to consider this any kind of indication of strength. If time is spent around the 1780 area of price it is possible that the 4mn poc (currently at 1835.50) could migrate lower and imo that would most likely be a negative development. I’m watching levels on SPY and IWM as detailed below.

 

Stock index ETFs: All four ETFs have Momentum (PriceOsc) down and negative. Key charts are SPY which is printing below 179.39, its 4mn poc and IWM which is printing above 110.87, its 4mn poc. If IWM breaks below 110.87 it would signal further weakness.

 

Breadth: CP Market Timing System stayed negative for Nyse, turned negative for Nasdaq, remained neutral for R2000, and stayed negative for UK.