We have been looking for a tradable low.
A few clues kicked off some interest today. The NYSE composite advance/decline line finally broke on the 3rd panel. The price of the $NYA broke above the horizontal resistance line and the downtrend line.
For the Nasdaq Composite, it is not quite as good, as we have not broken the downtrend line on the third panel, but things are improving. Price finally broke the downtrend line!
The SPY ETF broke the one-month downtrend line as well as the horizontal resistance line on higher volume, which is nice to see. We still have a downtrend line overhead. I also like the PPO finally breaking the downtrend line, since the $SPX topped in early January as well.
The Nasdaq 100 needs a little more work, but it, too, is trying to break the downtrend line on price trend and the trend in momentum on the PPO.
Some encouraging signs, finally!
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