Similar, but I am not saying that we are going to go down.
We need today to confirm what exactly is going to happen.
It is just that these days when the majority of the main indices are undecided and are simultaneously overbought/oversold get my hair on edge. A difference is that on 01Sep2000 the market was O/Bought on both daily and weekly charts and neutral on monthly.
O/bought on daily neutral on weekly possibly still O/Sold on Monthly.
Daily
stockcharts.com[W,A]DACLYYMY[DC][P][VC60][ILE12,26,9!LB5!LP21,3,3]
Weekly
stockcharts.com[W,A]WACLYYMY[DE][P][VC60][ILE12,26,9!LB5!LP12,2,2]
Monthly
stockcharts.com[W,A]MACLYYMY[DF][P][VC60][ILE12,26,9!LB5!LP12,2,2]
I would be more confident if we were near a major retracement level or long-term support/resistance but I think it is just telling us that no-one really knows at this moment in time. I think it some sort of inflexion point. Pure Distilled Undecisiveness.
Or maybe that is just me.
-macavity |
