Weekly Market Update: Brexit brings GDOW Below its 30 Week Moving Average

The market was down this week largely due to the BREXIT vote. Britain voted to leave the EU. The indicators are 50/50. There were still more new highs than lows, which I find interesting. 






Another interesting item is that the DOW declined but the NYSE A-D went up. Also a positive indicator. (Barron's Data Here)

 

I will want to see what transpires next week, but think this could potentially be a buying opportunity. We'll see.

News: Britain votes to leave the European Union

Futures are down this morning as news of the UK vote is soaked in. We are in for a wild ride as market sort through the impact of the vote. Mr. Market likes predictability and this is anything but!

U.S. Stocks: Dow futures down 500 points pre-market 

This may bring us some buying opportunities, but wait until the dust settles.

Cheers.

Weekly Market Update: So-So

The market continues to be in a trough. This week three indicators are flashing red. The Dow vs. NYSE AD and the Dow vs NYSE High-Low. Both are down. We still look for clear direction.

Weekly Market Update: What stage are we in?

While the indicators are fairly positive, I remain cautious. The market doesn't feel like it has conviction. Here are this week's indicators.

For Weinstein fan's Chartmill has some fantastic indicators available on its charting site. Here is a graph I put together using their tool. It shows SPY on a weekly basis with a 30 week moving average, Stage Indicators and the Weinstein RSI. We are still in Stage 1.
I am looking for the early start of Stage 2 for an entry point.

Of interest, the Dow dividend ETF is in a Stage 2 Advance indicated by the green, while the S&P ETF (SPY) and Nasdaq ETF (QQQ) are in Stage 3, indicated by the grey bars. Remember the Dow is defensive.

 


For information on Chartmill's Stan Weinstein indicators click here.

Weekly Market Update: Symbols are Up

Chartmill posted a very good article in the blog this weekend stating the market has been in a channel since April. "Since April, the Dow has been content to drift aimlessly between 17,500 and 18,000.  Similarly, the S&P 500 is vacillating between roughly 2050 and 2100.  Weekly volume for both indexes declined significantly over the month of May.  ...this is not a good environment for trend-followers and you need to be wary of signals from trend-based approaches right now."

This matches what I've seen with the symbols. They are up then down, then sideways. No real direction has emerged. This week we are up but I don't necessarily trust it.