Friday, May 1, 2009
Short-term top
I noticed a whopping spike upwards yesterday in the Number of Climax Highs indicator (shown in red at the top of the chart, using the default settings), as a number of stocks simultaneously made a high and then reversed downward on an increase in volume.
I also noticed Climax High signals in the DJIA and NASDAQ indexes themselves- check it out at gigaStockPicks.com or gigaScanner.com - DJIA and NASDAQ are the symbols to use to pull up the indexes.
Some kind of a correction will probably happen from here, which of course is perfectly normal. Usually during a strong bull market there are numerous short-term highs and waves of selling on the way up. We'll need to watch the aftermath of the Climax High signals to determine the extent of the damage, but I don't think it will amount to much.
I also noticed Climax High signals in the DJIA and NASDAQ indexes themselves- check it out at gigaStockPicks.com or gigaScanner.com - DJIA and NASDAQ are the symbols to use to pull up the indexes.
Some kind of a correction will probably happen from here, which of course is perfectly normal. Usually during a strong bull market there are numerous short-term highs and waves of selling on the way up. We'll need to watch the aftermath of the Climax High signals to determine the extent of the damage, but I don't think it will amount to much.
// posted by gigascanner @ 7:45 AM 
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