My sentiment for a push higher has been met. Now is the time for the index to show its hand, and see if it will go my way yet again, but this time to the downside. Divergence since early October has not done much on reversing prices and this just goes to show that divergence alone cannot be relied upon. Just like OB situations does not mean it is time to go the other way. Often times it just means stay the course. But coupled with an indicator that shares the same sentiment a high probability outcome is the best strategy to trade the market or issue.
I will be looking for a sustained OS presence in the intra-day charts to see a sustained move lower and a CIT. At this point I have not seen such a formation and still see and short-term bullish market. This raises the odds that the SENtiment signal is at risk of turning bullish.
SEN: Bearish
ST: UP
PA: UP
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