Monday, Oct 6 2015 Market Action

Double bottoms have been put in, not surprisingly, by both the NASDAQ and DJIA as well as the SPX, as mentioned in Tony’s update. All three of these indexes may consolidate on the upper right side of this W shaped double bottom. That hesitation could draw in unbelievers looking for an opportunity to sell, thereby creating some fear and skepticism. But this market might become powerful enough to move straight up out of the W-shaped low before consolidating it’s gains.

http://stockcharts.com/freecharts/gallery.html?$INDU
http://stockcharts.com/freecharts/gallery.html?$COMPQ

The daily NYAD produced a powerful mega-plurality with a + 2372, after having put in +1590 days on Wed and Fri. The weekly NYAD stopped it’s descent nicely above it’s Dec 2014 lows of 387K on Tue, Sept 29 and has been moving up sharply (for a weekly chart) since then.

http://stockcharts.com/freecharts/gallery.html?$NYAD
http://stockcharts.com/freecharts/gallery.html?$NAAD

The Russell 2K put in a strong showing with with a +2.47% performance. If the R2K continues increasing in strength in tandem with the A-D ratios of the NASDAQ and NYSE, they would be manifesting behavior more typical of an Elliott Wave Primary 3 Wave than a Primary 5 Wave.

http://stockcharts.com/freecharts/gallery.html?$RUT

With today’s strong A-D action, the NYSE McClellan Oscillator shot up to a +58.07 and the NASDAQ McClellan Oscillator, responding to the +1564 of the NASDAQ A-D line, moved up to a +33.66.

http://stockcharts.com/h-sc/ui?s=$NYA&p=D&yr=3&mn=0&dy=0&id=p83733137120
http://stockcharts.com/h-sc/ui?s=$COMPQ&p=D&yr=3&mn=0&dy=0&id=p44465978337