2 May 2016 - Devious OB

You can never tell what an OB condition will churn up even when the sentiment is on a downside bias.  These intra-day resets have been signalling all day with price pushing higher throughout the day.  Ultimately the signals have formed a negative divergence on a intra-day level.  This on one hand would mean that we should reverse lower now, but with the OB notion, we should be watchful for a fake out.  The ST still points bearishly down, and overnight moves might reaffirm our sentiment and intra-day reset signals to the downside.  The reset signal down set last week still stands as the ideal entry point for exit or short entry.  A turn down tomorrow by the intra-day signals will confirm a reset down is in place here and a push higher will negate any new reset to take place.  Since I do not update this blog intra-day, you must do your own due diligence.  The 60 min. slow stoch. should help with that trigger of the reset once a crossover is confirmed.

SEN: Bullish
ST: DOWN
PA: NA
R: Apr 28 Down (Ideal Re-entry)