ETF Range Projections & Quote of the Day

The great enemy of clear language is insincerity. When there is a gap between one’s real and one’s declared aims, one turns as it were instinctively to long words and exhausted idioms, like a cuttlefish spurting out ink.
– George Orwell

Economic Reports This Morning:

Many Overseas markets were closed today for the May Day Holiday: Nikkei 225 +1.69%, Hang Seng -closed, Shanghai -closed, DAX +1.38% , and the FTSE 100 +0.00%.

After one of the best April’s on record, the market is set to begin May on an up note. At about 7:50 AM ET, the futures are just a bit better: Dow +32, S&P +3.4, NAZ +4.8 , Oil -$0.22 and Gold -$9.10.

have a great day!

Index Internal Measures

It should surprise no one that the NASDAQ has been the leader in this rally off the March lows.  As the Composite and 100 challenge their respective 200 day moving averages; is this a good point for a pause?

The number of one month new highs (21 trading days approximates one month very well) has been decreasing since making a high at the beginning of the month.  It appears fewer and fewer stocks are carrying the index higher.  While not shown on the chart A/D line it has been relatively flat (members sign-in to look at composite charts containing the A/D line)

Also included on the chart is the percent of stocks above there respective 50 day moving averages.  As you can see we are at or close to the levels where pullbacks normally occur.

For Your perusal a look at the same data on other indexes we follow and the data above for each:

Probably the most bullish scenario (if you want to be a bull) is for a period of sideways consolidation perhaps a few months, and then a break out of the consolidation for the next leg.