Piker Trader

UPDATE:  NYAD does not get above its 39 EMA

NYAD is showing some signs of weakness.  It has now dipped blow it's 39 EMA.  The 8 and 19 were key support levels for NYAD and the market but have failed to hold during this drop.  The 39 has also failed to hold and the 8 and 39 have EMA's have crossed.  With today up, NYAD might test the 39 EMA again but if the bulls cannot move NYAD past its moving averages more downside may be in store

NYAD

 Here is a chart of the 2007 NYAD line, notice anything similar?  One thing to watch going foward is will the 8 or 19 EMA hold as resistance.  If they do this would be bearish for the market.  During the rally from March these moving averages were broken easily. 

If the market continues to weaken NYAD will show it.  NYAD showed that the rally had strength behind it, but now it is showing that there is selling behind it.