yeah (nice charts, Paul) you can already see where NYA.X
...hits the wall intra-day today at that ~583 DownTrend Line = 22-MAY+04-FEB. This was a fairly clear target.
IMHO, for the market to get through this apparent DownTrend resistance, we will have to have a successful rotation, where the NAZ = SOX+BTK+NWX and BigBoyz=BKX+XBD starts pulling the freight, as the CYC.X - Cyclicals start losing steam.
IF the rotation is successful, THEN the NYA.X will seek what, at least its 200d EMA area, possibly on up to ~600 far target.
OTOH, IF the rotation is unsuccessful, THEN the NYA.X will fail to punch through the DownTrend=22-MAY+04-FEB, and we'll have a nice UpWave but, linear Uptrend NOT.
SO, intra-day I sell (already sold :) the NYA.X at 582~583; intermediate, I hold my 'background' long equity allocation STOCKS:BONDS = 80:20, betting on a successful rotation.
BTW, thanks again, great charts (^_^)
-Steve |
