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Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Friday, September 08, 2017

Tech Sector Close to Forming a "SELL" Signal

The Technology ETF (XLK)  is close to forming a "SELL" signal. Two of the three technical indicators on the Daily chart below have done so, as of Friday's close, while the RSI threatens to join the MACD and PMO if it crosses below the 50 level. Price action this week, following its all-time high made last Friday, has been overly bearish.

Watch for a potential retest of the 50-day moving average around 57.00, or lower to, even, the 200 MA around 53.00, on signs of escalating weakness.


Furthermore, there has been an erosion in the percentage of stocks above a variety of moving averages in the Nasdaq 100 Index, since I last reported on this data a week ago here, as shown on the following tables.

The rest of the Major Indices shown have also faced a reduction, with the exception of the Dow Transports and Dow Utilities Indices, and, to a lesser extent, the Dow 30 Index, which have firmed up a bit...indicating that market participants shed riskier asset-buying in favour of less risk this week.