Hurry Up And Wait

By: Stock Barometer | Mon, May 19, 2014
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5/19/2014 5:48:38 AM

Good morning traders,

As the chop continues on the right shoulder, each week that the pattern continues to play out, leaves the market vulnerable. Seasonally speaking:

QQQ Seasonality versus 2014 QQQ Chart

And on the divergence, let's look at the NYSE:

5-Day New Highs minus New Lows Chart

and the Nasdaq:

NASDAQ New Highs minus New Lows Chart

Another concern on the Nasdaq:

NASDAQ 5-Day ARMS Index Chart

and finally, the barometer:

Daily Stock Barometer Primary System Chart

This set up is bearish, which is why we remain in Sell Mode, looking for the markets to weaken. That being said, the trend from the April 15th low remain up - as the QQQ builds a potential right shoulder, and this right shoulder could take a while to develop. Sometimes the market enters a hurry up and wait mode as us traders want to see a move, and want to trade it, but the market can be an exercise in patience as we wait to see any action at all...

Regards,

 


 

Stock Barometer

Author: Stock Barometer

www.stockbarometer.com

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