I see some accumulation in this..
clearstation.com
515 to 535 is the area of big resistance between 12/2 to 1/31 this was the area of support, if we close above this twice in a row just go long we will not look back until 590.. but if we fail at this we would retest 453 200 days mA on IIX, the chances of this are remote but who am I to challenge when even Cobots demand caution, my bias is that we will go through this 535 area within a few sessions..
however, it is important that we listen to the other side too.. COBOT advises caution and wait until 25 days MA is taken out..<<it's best not
have preconceived notions about what the Internet market
will do next. It's possible that a new advance has begun,
and the best Internet stocks will be hitting new highs in
the coming days. On the other side of the ledger, the
recent market move could simply be a fake-out rally, with
new lows soon to come. At this point, it's impossible to
tell what scenario will take place. And it's not
necessary!
Instead of spending your time guessing about the market's
future direction, you should keep one eye on Cabot's i-
TIMER and the other on a collection of Internet stocks.
Currently, the i-TIMER remains negative, as the Internet
Index is 13% below its lower (25-day) moving average.
Thus, the intermediate-term trend remains down. We need to
see the Internet Index move above this moving average and
the moving average to begin advancing to get a new buy
signal. As always, if a signal is given, >>
clearstation.com |
