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Four ratio charts I'm watching over the next few days/weeks are
the SPX:VIX, RUT:RVX,
NDX:VXN, and AAPL:NDX, in order to measure
relative strength, as shown below.
At the moment, they are trading in
between resistance and support levels of one form or another. The major support
level is represented by the broken horizontal blue line. The first three are
trading just above this major support level, while the AAPL:NDX ratio pair is
below and trading lower. The Momentum indicator is still below zero on all four,
signaling lingering relative weakness of the SPX, RUT, and NDX to their
respective Volatility Index and of AAPL to the NDX.
Unless we see a
stabilizing of the AAPL:NDX ratio pair, we may see any further decline in AAPL
produce a drag and, possibly, a decline in the SPX, RUT, and NDX
ATTENTION! Something got munged about this post, so I've replaced it with this one. Thanks.
The main charts I am watching at the moment are the NDX and NQ charts, to see whether and when the fully formed IHS there breaks the 2700 area neckline to confirm the bullish scenario from there. We didn't see that yesterday on FOMC and Bernanke's press conference, but then he had little new to say, as the talk of QE being open ended until a significant reduction in unemployment has been seen sounded similar to what he was saying in September. Here is the setup on the NDX 60min chart where resistance is in the 2700 area, first support is at broken resistance in the 2660 area, and key support is at 2623, as a move lower than that would trigger a double-top target in the 2550 area: