Whadaya think about the fact that the SPX broke under the 50 SMA today, Paul? Also, the low for the Dow broke under the 50 SMA, and the low also went below support at the Donchian channel. The Naz hasn't hit support at its Feb. low yet, either.
And yet, there's a doji candlestick in SPX's daily chart today, indicating a possible reversal to the upside. It's been a hammer at times during the day, too. (Seems like an odd place for a strong reversal, below the 50 -- more like an area for a short-lived dead cat bounce, but who knows?)
I had intraday buy signals for the SPX last week and the Naz today, but so far I haven't had more reliable end-of-day signals, where sentiment really bottoms out. And the moves through the 50 SMA's make the rally questionable. Also, the longer-term sentiment indicators are overbought, in the 80s.)
What are them as wot know saying? Bullish, bearish or safely out and neutral? |
