Fallond Stock Picks: Stockcharts.com Weekly review

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Sunday, June 03, 2007

Stockcharts.com Weekly review

New highs for the market made it business as usual for the indices. What of the Stockcharters?

I usually only check the lead page of our Stockcharters, but Joe Reed has some interesting charts on his second page. First up is the Nasdaq New High-Lows for the last five years:

With a good chart showing the bottoms in the US dollar for the past 17 years:

with his comments below:

*IMPORTANT! US of A Buckaroo Comment:
Ever since the Obvious head and shoulders bottom formation failed, it's been down the tubes time ever since. Now it's entering a strong support area, which should hold at some point for a move up.
HOWEVER... If our dollar breaks Down thru this 16 year Support, it's going to be bad news bears and free fall. And considering our country's Less than Favorable Status in the world today, that is a real possibility. *However, if the breakdown occurs, We'll make a Fortune in Gold!!

Oil looks to have made a crossover bottom too (not marked though):

Ted Burge uses the QID and QLD to illustrate support/resistance (and who is in control of the market):

Mitchell Meana has drawn in a new wave count for the Diamonds (DIA): currently undergoing an A-B-C correction, part of a wave 4 down (which should lead to a new high - part of a wave 5 up?):

But has the S&P reached its fifth wave high (or should an A-B be illustrated as above)?

Jack Chan shows a nicely timed 'buy' signal for GLD - what will this mean for the dollar?

Finally, Richard Lehman had this to say about last week:

5/31 -- Small cap indices are all at their upper lines in both the short term and long term charts. Further upward movement there may thus require a pullback first.

5/30 -- Clearly now, the fake of a short term downtrend proved false. From the one-year chart of the Dow, it looks like we are going into another period that crawls along the upper long term trendline as we did from November to Feb.

5/29 -- I saw today as inconclusive on whether we are in short term downtrends on the majors or not. Nothing has broken a support channel line yet.

5/26 -- Given the bounce upward on Friday and the lack of visible new downchannels anywhere, the weight of evidence says this latest decline simply ratcheted the short term upslopes slightly downward but kept them intact so far. I am able to draw new upslopes on all the major indices that fit well with last weeks drop and subsequent bounce. In particular, the Naz finally has an upslope that fits its short term charts.

Ironically, if things are going to continue up in the short term charts, the long term charts have to be redrawn to INCREASING slopes, and that has also been done. Some internal technicals may be suggesting a deeper correction coming soon, but until we see more convincing breaks and defined new downchannels, the upslopes have precedence.