Let's look at the Dow weekly. We're about 100 points below the trendline off the all-time highs. We've never closed above that line yet on a weekly basis. If we do close above it, you're talking about nothing but air for about 1200 points on the Dow. How on earth can you be bearish in light of this?
stockcharts.com[a,a]waclyyay[d19990109,20040418][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li5,5!Lh10,10!Lp14,3,3!Ll14!Lb5][J6733354,Y]&pref=G
As you can see on that chart, RSI-5 is above the 50-level. Look at what happens when that is the case. Tell me it's smart to short or be bearish when that happens, and support it, and I'll listen. I've got a chart that says be long, or lose your ass short when the chart looks like this. |
