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RULES FOR FOLLOWING THE SEVEN SENTINELS
The concurrent alignment of all seven signals under specific conditions constitutes a signal and defines the context or prevailing trend of the market. Here are the individual buy/sell triggers:
TRINQ and TRIN: Daily reading below the 13 Day Exponential Moving Average (EMA) is buy mode, a reading above the 13 Day EMA is sell mode.
For NAMO, NYMO, NAHL, NYHL, a daily reading above the 6 Day EMA is buy mode, and reading below the 6 Day EMA is sell mode.
For BPCOMPQ, A positive crossing though the lower or upper bollinger band constitutes buy mode. A negative crossing through the lower or upper Bolinger Band constitutes sell mode. It stays in buy mode or in sell mode until it re-crosses in the opposite direction.
All seven must be in a sell or buy condition simultaneously to complete the signal.
The concurrent alignment of all seven signals under specific conditions constitutes a signal and defines the context or prevailing trend of the market. Here are the individual buy/sell triggers:
TRINQ and TRIN: Daily reading below the 13 Day Exponential Moving Average (EMA) is buy mode, a reading above the 13 Day EMA is sell mode.
For NAMO, NYMO, NAHL, NYHL, a daily reading above the 6 Day EMA is buy mode, and reading below the 6 Day EMA is sell mode.
For BPCOMPQ, A positive crossing though the lower or upper bollinger band constitutes buy mode. A negative crossing through the lower or upper Bolinger Band constitutes sell mode. It stays in buy mode or in sell mode until it re-crosses in the opposite direction.
All seven must be in a sell or buy condition simultaneously to complete the signal.
Downside Appears Limited at this Point
Posted 07-30-2010 at 12:03 AM by coolhand
Don't be fooled, there's underlying strength in this market in spite of the red close.
First, the market came roaring back after being down significantly intraday, so today's losses need to be seen in that context. But there's another reason to believe the market is stronger than it may appear, and that's because internals were deceptively strong today as you'll see in the charts.
Good earnings continue to be largely ignored by the market.
Amid today's economic data we saw initial jobless claims posted at 457,000, which was below the expected 464,000. Continuing claims moved higher at 4.57 million, up from the 4.48 million the previous week.
So it was a battle between bulls and bears today, but my money is on the bulls to put an end to this consolidation and profit taking and take this market higher.
Here's the charts:
Still on sells here, but we're holding at a relatively high level in spite of the recent selling pressure.
Here's where underlying strength in this market is most notable. The A/D line, which advanced today, although both signals remain on sells.
TRIN and TRINQ remain on sells.
BPCOMPQ is hanging in there and remains on a buy.
So we have 6 of 7 signals on a sell, but the one buy signal keeps the system on a buy.
Overall, the sell signals are all close to their respective trigger points, so another big rally could see these charts reenergized very quickly. The A/D line advancing today tells me the up-leg is not over.
Still holding 100% S.
First, the market came roaring back after being down significantly intraday, so today's losses need to be seen in that context. But there's another reason to believe the market is stronger than it may appear, and that's because internals were deceptively strong today as you'll see in the charts.
Good earnings continue to be largely ignored by the market.
Amid today's economic data we saw initial jobless claims posted at 457,000, which was below the expected 464,000. Continuing claims moved higher at 4.57 million, up from the 4.48 million the previous week.
So it was a battle between bulls and bears today, but my money is on the bulls to put an end to this consolidation and profit taking and take this market higher.
Here's the charts:
Still on sells here, but we're holding at a relatively high level in spite of the recent selling pressure.
Here's where underlying strength in this market is most notable. The A/D line, which advanced today, although both signals remain on sells.
TRIN and TRINQ remain on sells.
BPCOMPQ is hanging in there and remains on a buy.
So we have 6 of 7 signals on a sell, but the one buy signal keeps the system on a buy.
Overall, the sell signals are all close to their respective trigger points, so another big rally could see these charts reenergized very quickly. The A/D line advancing today tells me the up-leg is not over.
Still holding 100% S.
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