On the Dow Industrials, the Dow Transports, the McClennan Oscillator Index, the McClennan Summation Index, the Advance-Decline Line, the market is giving “buy” signals this Tuesday.
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I attach charts of the fore-mentioned for your review.
Dow Industrials: Daily
Dow Transports: Daily
McClennan Summation Index: Daily
McClennan Oscillator: Daily
Advance/Decline Line: Daily
Technically speaking this augurs well for the up-coming earnings season.
Even consumer staples, which have been in a short term bear, gave a gentle bullish break-out signal.
Consumer Staples ETF: XLP: Daily
As you can see from the chart above, for nearly 20 trading days (4 calendar weeks) the Consumer Staples ETF: XLP had been caught in a tight trading range (a line).
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I told all my students to closely observe where the “break-out” would occur on this ETF. I pointed out that, on probability, the break-out direction would indicate April’s earning season trend.
Charts Courtesy Worden Bros.
© Christopher M. Quigley 1st April 2014
