Movement today continued its run higher and SPX time frames and respective Stochastics are all in the overbought range. A push up is what we expect for tomorrow to finally end the uptrend and push down hopefully before EOD and EOW. This should produce a nice reversal candle and a nice divergence to signal a down-trend that should last a few weeks or maybe even start its plunge phase. EW'rs are looking for a move lower in an impulsive manner (wave 3). What I know is that on a daily basis, we are at overbought and should turn down. The weekly SPX also shows sign of weakness as a separate indicator that I have says its still bearish.
NOTE: The Daily trend to this date has lasted 15 days. That's half a month or 2 weeks worth of trend. Knowing your trend can surely ease the process of trading. As I have said before when the daily starts its trend it will last days to weeks.
No comments:
Post a Comment