The spike was less strong in S&P futures
This is an OpeEx day in an already exciting OpEx week. This morning we will have some econo-news. I have plans to do nothing. Of course, my plans may change, or need reassessment, especially, if my levels are violated
Yesterday, during the cash market hours, McClellan Oscillator continued it sideways dance around neutral
Breadth has been lagging price. Maybe people have been waiting for new rounds of open market operation from the FED, which, by the way starts today.
Who knows?
This is a daily chart I have been following
As long as S&P stays above the orange downtrend line, it’s either advancing or consolidating
I made a change to the count that I am following shorter term
I had 1165 as a level and market did not take it. We’ll see how it goes today.
I am really looking forward to see how this OpEx day plays against a background of a possible foreclosure-gate and leading to the start of another round of FED’s “Outright Treasury Coupon Purchase”
Keep an eye on US Dollar!
This is USD against Canadian Dollars
And this is gold
Have a Nice Morning!
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2 comments:
Take a look at the April top. The Oscilators were doing a very similar dance. Not predicting anything just observing a similarity.
Thank you Bill,
appreciated as always.
Yesy, I actually have noticed the similarity,
Yet, oscillators were diverging massively in February as well and market ignored them for a long time
So, it is a definite warning and I just raise my levels, and if market wants to take me out, then it, then it does.
That said, If I feel that I have a complete wave pattern before my levels are hit, I may take an even more defensive posture
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