Howdy Kymar,
You are definitely more optimistic than I at this point.
Looking at the 60 min compx chart, we are currently holding
a higher low, sto is down in oversold region, a bounce from
here is certainly plausible.
My concern is that apart from news developments, the daily
chart at this point looks suspiciously similar to all rallies
since the 9/1 downturn. The rally bumped into the 30 EMA and
was repelled as was on 10/20, 11/5, and now 12/11. Todays daily candle will sport a slightly lower high (so far) and
a lower low. True, the day is not over, nor the week, month,
year. Logically, it would seem the longer the downtrend lasts,
the greater the odds we should be nearer the bottom sooner than later. Perhaps I am responding to some kind of Pavlovian
stimulus, I just hope I don't start to bark soon. ggg
The gaps below on $compx have yet to be filled, the filling
of them seems to me a major threat to the series of higher lows and highs we have so far on intraday time frames.
My comment (pessimism) earlier is just based on the look of
the daily chart and indicators which appear as if we are
rolling over again. I hope I am wrong; I am as tired as anyone of the one-sided market since 9/1. I would love to see
a sustained rally, I'm just wondering now if it's going to happen.
Regards |
