newvision, the naz 200dma is still headed down, so longer term we are still in a bear market, the shorter term still in a bull channel and i can't make any compelling wave count from the bottom that makes sense, put call moving averages are still moving down out of extremely oversold conditions
stockcharts.com[w,a]daclyymy[pb10!b21][vc60][iUb5!La12,26,9]
and the it term summation breadth oscillators remain in uptrends from deeply oversold levels on 9/21. There are still huge short positions in the rydex leveraged funds that in my devious little mind need to capitulate before any top can happen, but price is king.
i believe the 200 dma would provide a lot of resistance on the upside, which is at around 2000, and big cap csco gravestone doji's today off it's 200 dma, as you probably learned from april-may's upside swing, it doesn't pay to be greedy on bull run's while the 200 dma is headed down.
if you have been riding this run up, i would just raise your stops with the 10 or 20 dma and let the market take you out, if it so desires.
thats my wild arse guess anyway |
