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The Nasdaq Composite is approaching a significant level of interest that has acted as both support and resistance five times or so in the past year. Hence, it is a key level to overcome in order for the short term Change of Behaviour that we've seen to turn into a more significant Change of Character – which would be more bullish. As although the initial Stage 4 breakdown attempt failed and the rebound has been strong, relative strength in the Nasdaq remains weak versus the S&P 500 and it's moving into a logical area for shorts to initiate a test of the recent price action...

Exclusive graphic of the 104 Dow Jones Industry Groups showing the Percentage of Stocks Above 30 week MA in each group visualised as a Bell Curve chart – inspired by the Sector Bell Curve work by Tom Dorsey in his Point & Figure book....

The base structures which began to develop with the local Selling Climax (SC) on the 24th January continues to mature, and last weeks potential Change of Behaviour held reasonably well on the first day of testing by the large operators today with the S&P 500 holding above the year to date VWAP level and the Nasdaq 100 holding the VPOC of the range, but remaining under its year to date VWAP level. Hence, the S&P 500 continues to show more relative strength than the Nasdaq. But the behaviour in each remains similar.

US Sectors - Percentage of Stocks Above their 150 Day (30 Week) Moving Average, Cumulative Point & Figure Breakouts - Breakdowns, Stocks Above +1x ATR Level and Below the -1x ATR Level Comparison and Effective Volume Update

Stage Analysis Members Video covering the Major Indexes (i.e. S&P 500, Nasdaq Composite, Russell 2000 and the VIX etc), Market Breadth charts to determine the Weight of Evidence, Industry Group Relative Strength Tables and the Groups in focus this week. Plus the US Stocks Watchlist.

For the watchlist from the weekend scans...

Custom Percentage of Stocks Above Their 50 Day, 150 Day & 200 Day Moving Averages Combined Market Breadth Charts for the Overall US Market, NYSE and Nasdaq for Market Timing and Strategy.

The purpose of the RS tables is to track the short, medium and long term RS changes of the individual groups to find the new leadership earlier than the crowd...

There were 30 stocks for the US stocks watchlist today. Here's a small sample from the list: TSLA, MOS, DE, CIVI, + 26 more...

Members midweek video covering the market indexes, market breadth and US watchlist stocks in detail.