One showed the Philly Housing Index slicing through its 50- and 200-day moving averages and the failure of the index to climb back above either moving average.
While the market could continue to rise the indicators that show short-term overbought conditions such as the RSI (Relative Strength Index) and the MACD (Moving Average Convergence Divergence) are both solidly in overbought territory.
The four week moving average for the refinancing index also dropped, by 3.7%.
Finally, the Russell 2000 Index closed below its 160-week moving average for the first time since June 2003, a trendline with which it struggled for about a month to overtake as it moved out of its bear market lows that year.
The daily chart for the Dow is overbought with the index just above its 50-day simple moving average (SMA) at 13, 146.73.
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The index remains trapped beneath its 50-day moving average and the 16 level, which provided a floor for the VIX in February.
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The index has slipped below its 200-day moving average before this year--in March and briefly in June--but it has not sliced through this level of long-term support with such authority.
Of course, in very strong bull or bear markets, we must rely on technical indicators that can stay with strongly trending markets, as momentum indicators like the Moving Average Convergence Divergence (MACD) indicator or Relative Strength Index (RSI) will top or bottom out well ahead of prices.
The small-cap index remains above the 700 mark, which is the site of its 60-month moving average (equivalent to a five-year moving average).
When you look at the weekly graph for the Philadelphia Semiconductor Index (SOX) you see that semiconductors are on the cusp of its 200-week simple moving average at 341.34 and that a trend below that key technical level indicates risk to its annual value level at 270.98.
The Barclays global business confidence index declined further in May, to -0.45 from -0.02 (three month moving average), the largest single drop in this series since December 2008, the investment bank said on Tuesday.
Corrections Corp is currently priced close to the 10-day exponential moving average (EMA), and upward trending stochastics near 47, in addition to a relative strength index of 40, suggest the stock may be consolidating for a run higher.
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