Professor’s Comments August 11, 2020
Posted by OMS at August 11th, 2020
I’m going to keep this short today as an electrical storm fried my router last night causing me to lose internet. I’m currently operating from a Hot Spot on Marcia’s cell phone. Comcast says it will be Thursday before they can get me up and running again.
Anyhow, not much changed after yesterday’s mixed action. The Dow finished with a gain of 358 points, closing at 27,791, The Dow appears to be developing an extended Wave 5 that will require another small rally wave before it completes. The extended pattern suggests the Dow will top just over the 28,000 level, possibly as high as 28,200. The NASDAQ was down 43 points while the SPX finished up 9 points. Large cap technology stocks, like Apple, appear to be weakening, which means the NASDAQ should be close to topping if it hasn’t already done so. There were 123 new highs and only 5 new lows.
Apple rose 6.46 points yesterday to 450.91. The rally appeared to be a small ‘c’ wave of an a-b-c pattern to complete the corrective wave I showed in the WSR. Once this wave completes, Apple should begin to lead the NASDAQ lower.
There is a Fibonacci cluster event beginning tomorrow that will carry into early next week. The window includes a Phi Mate turn date scheduled for 15 August. Fibonacci clusters are high probability periods where the market can turn within 3-5 days on either side of the turn date.
There were no changes to the Market Timing Indicators after yesterday’s session. The major indexes remain on Buy Signals.
The Dean’s List and The Tide remain Positive.
The Sector Ratio improved to 24-0 Positive. The strongest sectors were Household Products, Media, Service, Energy and Retail.
Gold moved to a neutral signal after yesterday’s action. Gold and silver have formed test book sky rocket rallies. These rallies usually never end well once prices begin to roll over. The Miners also appear to be completing the final stages of a Bearish Rising Wedge Pattern. It’s possible that the miners have topped, but its still too early to tell.
If anything changes with the timing signals during the next few days, I’ll post the signal change. Meanwhile I’m just waiting for my internet and land line phone to be restored.
That’s what I’m doing,
h
Market Signals for
08-11-2020
DMI (DIA) | POS |
DMI (QQQ) | POS |
A/D OSC | |
DEANs LIST | POS |
THE TIDE | POS |
Index | Signal | Signal Date |
---|---|---|
DOW | POS | 05 Aug 2020 |
NASDAQ | POS | 30 Jul 2020 |
GOLD | POS | 23 Jun 2020 |
U.S. DOLLAR | NEG | 24 Jun 2020 |
BONDS | NEU | 10 Aug 2020 |
CRUDE OIL | POS | 06 Jul 2020 |
Not sure of the terminology we use? Check out these articles
The Hockey Stick Pattern
The Creation of Waves and Trends
FAQ
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Category: Professor's Comments