Combine Signals To Pinpoint Market Turns
Stocks are rallying following a confluence of signals from TradingMarkets indicators pages.
In Wednesday’s Market Flash we pointed out how to use the Turtle Soup Plus One signals from the futures indicators page to predict reversals in stock index futures. Wednesday, the Nasdaq 100 futures registered a Turtle Soup Plus One Buy signal. The Nasdaq 100 cash index
(
NDX |
Quote |
Chart |
News |
PowerRating), the index that underlies the futures contract, and the broader Nasdaq Composite are both higher for a second day following Wednesday’s signal.
An unusually high — five — signals from TradingMarkets.com’s proprietary Market Bias Indicators Page gave an additional collective hint that stock indices could continue higher today. Three signals from this page provide a “critical mass†of indications that the broad indexes can trade higher. More than three is an even stronger sign. Make sure to check this page daily for indications of market direction.
The Nasdaq Composite is up 17.44 at 2093.18, the S&P 500 is up 7.48 at 1215.59, and the Dow is up 57 at 10,5335.
Biotech
(
BTK |
Quote |
Chart |
News |
PowerRating) is posting the best gains in the sectors, up 4.41%, followed by networkers
(
NWX |
Quote |
Chart |
News |
PowerRating) +3.56%, and oil services
(
OSX |
Quote |
Chart |
News |
PowerRating) +2.25%.
The gold and silver index
(
XAU |
Quote |
Chart |
News |
PowerRating) -.82% and chemicals
(
CEX |
Quote |
Chart |
News |
PowerRating) +.6% are lagging sectors.
Stocks are also erasing earlier losses on the session on a report that retail sales rose in June. News that consumer sentiment rose and that producer prices fell is also boosting stocks.
The battered networking sector is breathing a sign of relief from a week of consistently bad news after Juniper Networks said its revenue slide would stabilize. JNPR is up 2.25% at 29.20.