SPX - The 20-day MA test continues with a possible H&S pattern developing. The criteria is that a lower high is produced on the daily which is TBD.
DJIA - Possible ascending triangle still developing.Out of all the indices, if we do continue with the rally, the DJIA should be the first to break to new highs.
COMP - Currently the most neutral out of all the indices. Between the 20/50-day MA's. Will be neutral for several days. Possible channels are drawn out.
RUT - Still the weakest of all.Broke an ascending triangle and now flagging. The 20-day MA has crossed below the 50-day MA and may be used as future resistance. Look for further consolidation.
BKX - Weakest sector is the banking index. Forming a bear flag. The market will have difficulty if the financials do not rally. Pretty obvious, right? Watch them carefully.
All of this is where the neutral-bearish stance comes. When you trade, never forget to look for the high probability setups. I am playing them daily, and winning daily. The better the intra-day and/or daily setup, the better odds you have at success. Don't just "play anything" or people like me will take your money.
Don't complain about my wins. If you aren't winning, then you're doing something wrong. Figure out what you're doing wrong, fix it, and start winning with me.
1 comment:
Hey Chart Addict, where's the video??? I've checked iTunes and StockTwits but I can't find it.
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