Stock Market Long Hot July Continued
Stock-Markets / Stock Markets 2015 Jul 28, 2015 - 10:51 PM GMTThe Hybrid Lindsay forecast calling for a high in the Dow near Wednesday (July 15) of that week (A Long Hot July) was successful even if a day early. Although both the S&P 500 and NASDAQ continued their advance until the following Monday, the Dow Industrials index printed its high on July 16. That week’s Commentary also mentioned the forecast for a low during the period July 24-31. Let’s see how that is developing.
The Dow is down 3.04% since the July 16 high. Last week the Dow had its biggest decline since December. By last Friday, new NYSE 52-week lows (chart) had soared to their third highest level in over a year – a level which usually marks bottoms in the equity indices. In addition, the McClellan Oscillator closed the week at -133 and just above its lower Bollinger Band. A close below the band or -150 is often seen at lows in equities. A tradable low is very close and may have already been seen yesterday.
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Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.
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