7/23 Morningline

• Blue chip stocks (SPY), tech issues (QQQQ) show tentative bear signals on the fast stochastic
• U.S. dollar moves to bull phase on the macd in trading against the yen.

Stocks and Rates

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
SPY
QQQQ
VIX
TLT
JNK

I calls the bear signal "tentative" against SPY and the Qs because the fast stochastic is breaking down from overbought territory at a fairly shallow angle. Although the 80-line that marks the lower boundary of overbought appears to be a barrier, in fact the signaler is unaware of the significance of that level, and can easily move below it a bit and then bounce back up.

Below, oil and gold, and global indicators.

Oil and Gold

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
USO
GLD

Global

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
EUR/USD
USD/JPY
EEM

The macd break above the zero line on the USD/JPY chart is slight, and the major oscillators are universally bearish. The last macd breakthough to the bull side lasted a mere four days, so I don't take this signal to be a huge harbinger of future strength for the dollar.

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Indicator Exchange-Traded Fund Symbols:
EEM - emerging markets
EUR/USD - euro/dollar currency pair
GLD - gold
JNK - high-yield corporate bonds
QQQQ - Nasdaq 100 index
SPY - S&P 500 index
TLT - Treasury long-term bonds
USD/JPY - dollar/yen currency pair
USO - crude oil
VIX - fear index


Abbreviations:

• psar - Parabolic Stop and Reverse
• adx - Average Directional Index
• pps - Person's Proprietary Signal.
• ma20 - 20-day moving average
• macd - Moving Average Convergence-Divergence
• sto - Fast Stochastic

About the glance: The colors indicate the state of each signal.

• trend: Determined by the 5-day moving average, green for up, red for down, yellow for sideways
• adx: orange for above 30-up, blue for 20-down, purple for in the middle. Red is most prone to whipsaws
• psar, pps, macd: green for bull mode, red for bear
• sto: green for overbought, red for oversold, yellow for the neutral zone.