• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock Nasdaq 100 (QQQ), Communication Services (XLC) and Transports (IYT) New Bullish Bias in IT
Stock

Nasdaq 100 (QQQ), Communication Services (XLC) and Transports (IYT) New Bullish Bias in IT

by October 13, 2023
by October 13, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The Silver Cross Index is another way for us to measure participation within an index, sector or industry group. It tells us how many stocks have a “Silver Cross” or a 20-day EMA above its 50-day EMA. When it moves above or below the signal line it is a “Shift”. The Golden Cross Index measures what percentage of stocks hold a 50-day EMA above the 200-day EMA. We’ll concentrate on the Silver Cross Index in this article.

Today the QQQ’s Silver Cross Index had a “Bullish Shift” as it crossed above its signal line (10-EMA). We also saw Communications Services (XLC) and Transports (IYT) have the same Bullish Shift. This moves the IT Bias to “Bullish”. We thought we would look at the charts to determine if these are good signals or not.

We like the QQQ’s chances of moving higher given the expansion in participation of stocks above their 20/50-day EMAs. The long term is a little murky given the Golden Cross Index is still in decline and %Stocks > 200-day EMA are also in decline. The RSI is positive and the PMO is rising on an oversold Crossover BUY Signal. Stochastics are also above 80. Look for the QQQ to move higher after a short cooling off period.

XLC had a terrible day, but we didn’t see that much damage to %Stocks > 20/50/200-day EMAs. The other indicators are still healthy as well, but we aren’t thrilled with the drop below the prior September high. The Silver Cross Index is oversold and it is rising quite strongly given today’s decline. Under the hood XLC looks like it could see an upside reversal.

We aren’t very bullish on IYT despite today’s Bullish Shift on the Silver Cross Index. %Stocks > 20/50/200-day EMAs are in decline and never really reached our bullish 50% threshold. Price fell at overhead resistance at the 200-day EMA almost as soon as it broke the declining trend. Relative strength is terrible so even if we get a reversal back up, there are likely far better areas of the market to pluck.

Conclusion: The Silver Cross Index and Golden Cross Index are another way to look at participation. DecisionPoint.com has the Silver Cross Index and Golden Cross Index for all major indexes, all of the sectors and select industry groups. Below is our current Bias table that we publish daily in the DecisionPoint Alert. Biases are still very bearish in the long term, but we are beginning to see some improvement on IT Biases. This suggests to us that we have likely hit a significant price bottom in the market.

Learn more about DecisionPoint.com:

Watch the latest episode of DecisionPoint on StockCharts TV’s YouTube channel here!

Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2023 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Helpful DecisionPoint Links:

DecisionPoint Alert Chart List

DecisionPoint Golden Cross/Silver Cross Index Chart List

DecisionPoint Sector Chart List

DecisionPoint Chart Gallery

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

You Might Also Like
  • Sector Spotlight: Sector Rotation Model All Over the Place
  • Secure Your Retirement Happiness: Check Your 401(k) Now!
  • Stocks UNDER PRESSURE! Which Sector is Leading Now?
  • Will USO Soar to $83? Here Are the Key Levels to Watch!
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Delta says Hollywood and auto strikes are denting business travel
next post
Stocks Continue Feeling The Pressure From Higher Rates

You may also like

How the PROS Time Entry Points

August 9, 2024

DP Trading Room: SPX Earnings Update

April 14, 2025

Stocks In Focus This Week: Palantir, Uber, and Coinbase

May 2, 2025

What Lies Ahead For End-of-the-Year Equities?

December 8, 2023

Navigating the Indecisive SPY: What Investors Should Know

December 19, 2024

GNG TV: Equities Struggle Short-Term, Industrials Offer Glimmer of Hope

March 9, 2023

The Case for a Tactical Stock Selloff

January 17, 2024

Could the QQQ Turn Dramatically Lower?

June 15, 2024

Week Ahead: Mild Technical Pullbacks Likely; NIFTY Remains Prone To...

April 20, 2024

Stay Away From Large Cap Value Stocks

December 6, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    AAPL and TSLA Kick Off Q2...

    July 2, 2024

    Wyckoff at Work in the Intraday...

    June 3, 2024

    Breadth Maps Are A Bloodbath, BUT...

    April 18, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here