Mini-Rally?
Well,
Last week, I was right - until I was wrong.
Thanks to CRM and a Fed Chairman talking about "only a .25 rate hike", the market was behaving as forecasted.\
Why blame CRM? Not only did it manage to pull up on the DJI, it pulled up on the S&P (Since it is calculated into both averages).
So, here we are - new week, new data and the data changed from last week.. What do things look like?
The signal generated is bullish, the forecasts are the coming week is between: (4326 - 4113) with a mean of 4159.
The 5 period Stochastic still isn't showing full upward commitment from the index. This can change this week. The 5 period value still places the index in a position of indecision. It is still unsure of what is it going to do.
The 2 period Stochastic is suggesting it is going to challenge it's 2 period high of 4052. Not a difficult task since the close (4045) is so near to the high.
It is in consolidation between: 4052 and 3928. We know that 4052 is going to be challenged, but the close of the week might return to between these values if a reason to stay above doesn't materialize.
Have you seen the economic situation? When we are grabbing on any good news for a short term rally. I guess the market is hunting the good stuff.
Monthly S/R Range is: 4195 - 3491.
Close was above to 8 period moving average. So prices are at a premium to the 8 week average - a bullish indication of things to come. Yet still at a discount to the 5 week (~1 month) average.
I am still bearish - Need a monthly close above 4195 to change my mind.
However - I am not immune to playing a mini-rally for fun and profits.
If you are playing inverse ETFs, you may get stopped out this week.
Yet, don't give up on the bear. The signs that it has left the market have not appeared yet.
The FED speaks in a couple of weeks. Depending on what is said can break the consolidation. Then we go 2 months without hearing from the FED.
Stay frosty! Keep your stops in place. This is going to be an interesting, if not wild week.
-PriceProphet
Last week, I was right - until I was wrong.
Thanks to CRM and a Fed Chairman talking about "only a .25 rate hike", the market was behaving as forecasted.\
Why blame CRM? Not only did it manage to pull up on the DJI, it pulled up on the S&P (Since it is calculated into both averages).
So, here we are - new week, new data and the data changed from last week.. What do things look like?
The signal generated is bullish, the forecasts are the coming week is between: (4326 - 4113) with a mean of 4159.
The 5 period Stochastic still isn't showing full upward commitment from the index. This can change this week. The 5 period value still places the index in a position of indecision. It is still unsure of what is it going to do.
The 2 period Stochastic is suggesting it is going to challenge it's 2 period high of 4052. Not a difficult task since the close (4045) is so near to the high.
It is in consolidation between: 4052 and 3928. We know that 4052 is going to be challenged, but the close of the week might return to between these values if a reason to stay above doesn't materialize.
Have you seen the economic situation? When we are grabbing on any good news for a short term rally. I guess the market is hunting the good stuff.
Monthly S/R Range is: 4195 - 3491.
Close was above to 8 period moving average. So prices are at a premium to the 8 week average - a bullish indication of things to come. Yet still at a discount to the 5 week (~1 month) average.
I am still bearish - Need a monthly close above 4195 to change my mind.
However - I am not immune to playing a mini-rally for fun and profits.
If you are playing inverse ETFs, you may get stopped out this week.
Yet, don't give up on the bear. The signs that it has left the market have not appeared yet.
The FED speaks in a couple of weeks. Depending on what is said can break the consolidation. Then we go 2 months without hearing from the FED.
Stay frosty! Keep your stops in place. This is going to be an interesting, if not wild week.
-PriceProphet
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