You bought at the right time, Monty. The problem is that you bought without believing in the new bull, so even though you bought near the bottom, based on nothing more than the dark art of technical analysis, your trade will be ridiculed as permanently bearish. You've got to believe.
There's a buy signal with longer-term MACD (13/34/89) for the Naz comp. The Naz ST CI gave a buy signal Monday, good through Tuesday's low, and the signal was confirmed when the Naz hit support around 1560. (The target was 1558, from a support level from Nov.) The SPX didn't bottom out at 0, and it breached support. It remains to be seen what'll happen with that, and whether it'll bear down on the Naz, helping it fill today's upgap at some point.
The Naz might head at least as far as the middle Bollinger band, at 1705. For the Q's, that's 32.2. The Naz was oversold.
The S&P was oversold in the ST, but the CI didn't bottom out. In the LT, it was in the midrange.
The HUI broke through upper resistance yesterday, interestingly enough -- by a whisker, as AJ would say. But it ended with a short-shadowed shooting star. The new res. level is 116.95. Lots of conflicting signals there.
With the SPX breaking under support and the HUI breaking above resistance, the market's direction seems a bit uncertain. Two areas that need to be resolved. Also, there's that big gap in the Naz to contend with at some point. |
