- 6 Major Indices
- 9 Major Sectors
- 3 Days/Candle Charts on 7 Major Indices
- Index/Volatility Ratio Charts and AAPL:NDX Ratio Chart
- 30-Year Bonds
- U.S. $
6 Major Indices
9 Major Sectors
In any event, from a technical standpoint, 5 Major Indices and 8 Major Sectors are at an extreme overbought level at the top of their Stochastics cycle on a Weekly timeframe...the Utilities Index and Sector, are approaching an overbought level. We may see either a parabolic move up followed by a blow-off reversal, or we may see a measured/orderly pullback soon to relieve this condition. Either way, I wouldn't be surprised to see increased volatility enter into the markets soon.
3 Days/Candle Charts on 7 Major Indices
- Price closed on Friday above both the longer-term major downtrend line from the 2000 highs and the shorter-term uptrend line from the 2011 lows.
- The Dow 30 closed on Friday above both its longer-term major downtrend line from the 2007 highs and the shorter-term uptrend line from the 2011 lows. The S&P 500 and Russell 2000 Indices are still above their trendlines, while the Nasdaq 100 is still below its uptrend line...another verification of its weakness compared with the other Indices.
- Along with the Dow 30, the Dow Transports Index is still trading above its trendline, while the Utilities Index is still below...another verification of its weakness compared with the other Indices.
Index/Volatility Ratio Charts and AAPL:NDX Ratio Chart
The AAPL:NDX ratio shows that price is approaching a level of minor support. As I mentioned above, we should see some clarification of near-term direction in AAPL after the markets have digested its earnings next week...one to watch as a possible positive or negative influence on equities, in general.