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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Tuesday, November 06, 2012

A Comparison of Recent Price Action on the 4 Major Indices

Below are several charts comparing price action among the Dow 30, S&P 500, Nasdaq 100, and Russell 2000 Indices.

The first chart shows the price action over the past three days, beginning with Friday's big decline. With yesterday's and today's (Tuesday's) combined bounce, the INDU and SPX have closed higher than Friday's open, while the NDX and RUT are still below.

 
The next chart shows yesterday's and today's bounce. The RUT is leading in terms of percentage gained over the past two days and is the one to watch to see if this leadership holds on any further rally, or if meaningful weakness enters that could, ultimately, drag the others down.


The NDX was the weakest on the two-day bounce, perhaps because of AAPL's relative weakness, which is reflected in this year-to-date Daily ratio chart comparing AAPL to the NDX (the Momentum Indicator is still below zero as price struggles below resistance)...also, two important ones to watch for either a strengthening or for further relative weakness, which could lead to the resumption of a decline in both.

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