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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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The Second Step: Check Out Market Mood Indicators and Seasonal Cycles

  • Maintain and keep track of the Nasdaq/New York Stock Exchange Relative Strength Indicator. (See Chapter 2, “Two Quick-and-Dirty Stock Market Mood Indicators.”) The stock market has generally produced superior rates of return in virtually all market sectors during periods when the Nasdaq Composite has led the NYSE Index in relative strength. In addition to the formal techniques for defining the position of this indicator described in Chapter 2, you might maintain MACD readings and moving average trading channels based upon weekly levels of this relative strength indicator.

  • Maintain and keep track of the Intermediate Monetary Filter, described in Chapter 2, which, like the Nasdaq/NYSE ...

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