Despite the lack of volume on the indexes, we are starting to see the percentage of stocks that trade above their 10day moving average rise back to more bullish levels. I consider the +80 level to be an area where momentum trading is best rewarded and we have reclaimed that level on the NYSE (86), with the NASDAQ (74), not far behind.

The real question that is going to be on many trader’s mind is whether or not the Dow is going to make a double top or not. The stage is definitely set with the Nasdaq seriously under performing of late but it’s far to early to call that pattern yet.

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5 Responses to “Stocks > 10ma Bouncing Off Recent Lows”

  1. Stocks > 10ma Bouncing Off Recent Lows | Wordwide News Exposed Says:

    […] The real question that is going to be on many trader’s mind is whether or not the Dow is going to make a double top or not. The stage is definitely set with … [visit site to read more] […]

  2. Don Says:

    How do you write the scan for percent above 10 ma in stockcharts?
    Thanks

  3. jeff pierce Says:

    I’m not sure you can add it in a scan. Here’s a screenshot for the parameters I use for the 200ma. http://screencast.com/t/R95p2F0VueK If I come up with anything I’ll let you know.

  4. Don Says:

    Jeff, thanks for your reply to my earlier question. But I wasn’t too clear. The real question is, how do you get a chart of percent stocks trading above 10 DMA?

  5. jeff pierce Says:

    I don’t think stockcharts has that functionalityto to look at the entire market. The break it up into the 3 major markets. I think Worden Brothers does, but I don’t use their software.

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