NYSE UGLY, NASDAQ BUTT UGLY

My system remains on a daily and hourly sell signal, since 3/2/05. The SPX hourly put in a complex bottom on the Full Stochastics today, which suggests that some kind of snapback rally should be expected here to releive the oversold condition. But as far as the daily goes, there's nothing to suggest that a bottom is in. The first dynamic support on the SPX cash at 1271 held today. If 1271 gets taken out over the next couple of days, the next support would be around SPX 1255.

The NYSE and the Nasdaq A/D stunk today !

The NYSE MCO took out the Feb 06 lows, while price broke the tredline from Oct 05. The 10% component of the NYSE MCO went decisively below the zero line, while the 5% is close to doing it.

The Nasdaq broke it's trendline from Oct 05 lows. The Nasdaq MCO also plunged below the Feb 06 lows. Both the 5% and 10% components of the MCOs on Nasdaq are now decisively below the zero line. The weekly cumulative A/D line on the Nasdaq looks ugly, to put it mildly. So Nasdaq is the index, which is more vulnerable to a severe price decline here.

Bottomline, i will be shorting every bounce going forward.



















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