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A Quintuple Outside-Down Day by Two Measurements, Western and Candlestick: A Rare Bird
Evening of May 7, 2009
There was a proliferation of bearish signals throughout the major Indexes today, in both the Daily and in the Weekly charts; but we’d like to focus on only one Index in this writing.
We have thought for several days now that the NASDAQ Composite and the NASDAQ 100 are the closest of all of the major Indexes to topping and reversing. Whereas all of the major Indexes (except the Dow Utilities) which we follow declined today, the action in the NASDAQs, especially in the Composite, is the most eye-catching and the most meaningful.
Specifically, the NASDAQ Composite executed a quintuple outside-down day today, by both “Western” and by “Japanese Candlestick” measurement.
In “Western” terminology, the total range of today’s price action in the NASDAQ Composite engulfed the total range of the price action which occurred during each of the preceding five days.
In “Japanese Candlestick” language, the “real body” of today’s price action bearishly engulfed the “real bodies” of the price action which occurred during each of the preceding five days.
It isn’t very often that we see a quintuple outside day, by either style of measurement. To see a quintuple outside day in both styles on the same day must be exceedingly rare.
We think that today’s patterns, and especially today’s pattern in the NASDAQ Composite, are bearish signals of considerable importance. Almost certainly, Investors who become aware of this highly unusual and bearish pattern will recognize it as a reason to review once again their portfolios and exposure to risk.
William Kurtz
About the Author
The author is a retired corporate CEO and attorney, and a long-time investor. He has passed the NASD Series 65 Investment Adviser exam. He publishes his Investment Newsletter and Action Suggestions three times per week at the CandleWave website. The Action Suggestions provide specific Safety Stops on major Indexes; a review of the major Indexes; an individual review of each of the Gold, Silver, and Crude Oil markets; an individual review of each of the Dow 30 stocks and of selected non-Dow stocks; a review of five popular Forex pairs; and his Daily Commodities Report. The Daily Commodities Report is also available as a free-standing service at http://www.commoditiesjunction.com/ The Operating Manual for his copyrighted “Candelaabra” technical analysis trading system for all financial markets is also available through its own website at http://www.candelaabra.com / E-mail contact via info@candlewave.com/ “Candelaabra” rides atop Genesis Financial Technologies’ “Trade Navigator” © platform. “Trade Navigator” with the “Candelaabra” overlay, and data feed, are available directly from Genesis by arrangement with CandleWave, LLC in a joint 30-day trial of both Trade Navigator and Candelaabra.
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