Was that title a mouthful of what.. A word of caution though is that our ST is still hovering in OS territory. The intra-day today produced that positive divergence I was watching out for and it comes as no surprise that it was the low made before the rally to the end of the day. Since this is the intra-day, we can consider it as Bearish with a up trending overtone. Now this is probably confusing statement, but this is where you need to figure out which time-frame you are using. If you were longer term trader then these signals do not matter to you. If you are a swing trader then the daily chart which is still bearish is what you will be following keeping in mind that a low is possibly in and you either take profits here or wait for the confirmation of an OS exit. There are many times that conditioning ones self is the most complicated when it comes to trading. We might see the signals, but we do not know how to react to it and start looking for other signals to help confirm the first and in turn do not know how to put it all together in a understandable manner.
So while the ST is still "Down" a cautious view should be taken with the positive divergence that occurred in the intra-day chart. The "Reset" comes in handy when you have exited prematurely on a trade and looking to either get back in or have waited too long and now looking for an exit.
SEN: Bullish (Down-Trending May 5th)
ST: DOWN
PA: NA
R: May 3rd Downside bias
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