Stock Market Technical Indicators & Analysis
The unusually high put/call ratio, the low T2108 value, plus the fact that earnings are coming next week suggest to me that we are about to experience a meaningful bounce. 89% of the Nasdaq 100 stocks rose on Wednesday, the highest percentage since August 29 (91%). These 6 stocks on my IBD/MS recent watchlist hit an ATH on Wednesday. They are sorted by price/lowest price last 250 days. SKWD has no value (…) because it is a recent IPO. See its promising weekly chart below.
Again, 3 of them, CEIX, AMR and HCC, are in the coal industry. List is sorted by current close/lowest price past 250 days. VIST is 3.4x its yearly low.
I want my students to study this weekly chart of CEIX. On September 1, my guest speaker and former student, Richard Moglen, suggested this stock as a possible rising buy and hold stock for my class to consider. I assign many of Richard’s videos to my students.
CEIX, in fact, exemplifies a number of the technical characteristics of advancing stocks that I look for. First, the 4wk avg>10wk avg>30 wk avg. It is in a Stage 2 up-trend. It also has a yellow band pattern, having also closed above its 10 week average repeatedly. It also has several weekly green bars, having bounced up off of its rising 4 week average. And most important, it is above its last green line top, reaching ATHs, and had a GLB (green line break-out) in August.
This daily chart shows that CEIX never closed below its green line after its GLB. Note the second possible entry at the black dots, designating oversold bounces.
