Scott, re:Guess I will rely on the experts
By no means am I an expert! <g> In fact, many traditionalists might take issue with my approach. (It's a system that's reasonably reliable for me, so I use it with other indicators.) Thanks anyway.
Since 10:10a Monday, OEX has been in a range of ~539-542; SPX has ranged ~1112-1119 with 2-3pt ups and downs. Arguably, this is tradable, and money could have been made on shorting SPX at today's open. However, given the market conditions I'm not willing to risk funds for a small return. (I'd rather play individual issues, and catch the indices on a nice swing.)
at 9:40 NDX signaled Bullish Engulfing Lines and the index has advanced since then. HOWEVER, the formation didn't follow a clear downtrend, and therefore was dismissed. I do not believe that a real upward trend has been established. (Again, hindsight chartists would suggest lost opportunity.)
EDIT - Since we appear to be in a neutral trend (as stated yesterday), if a trader is really anxious, s/he could establish *really* tight stops and play SPX from 1112-1120, sloping slightly downward.
Good luck. |
