INDEX UPDATE
------------------------
Will do a thorough analyis by Sunday.
Per my analysis, an important negative happened today and it was two fold, in size and timing position of my short-term technicals.
This is the first time since January that the market turned to the downside, and did it substantially, without my short-term technicals giving a CLASS SELL signal.
To put it in perspective, when the market was running hard from JAN to APRIL, I never got a single CLASS BUY signal per my short-term technicals specifically. Did receive buy signals then per other technicals but not by my specific short-term technicals.
Now the reverse just happened for the first time. BAD SIGN.
During the past 2-3 months, while the market was going thru sideways corrective cycle I was still recieving CLASS SELL signals per my short-term technicals. In other words the market is turning without getting severely overbought per my system. BAD SIGN. I have previously maintain the position of RANGE TRADING TREND, and one of the main reasons I held that position is since the market would not turn down until it became severely overbought (CLASS SELL). Now that it has turned before becoming a CLASS SELL I am strongly leaning to the point that we we get lower lows and that the the 8600 support, per my 8600-9100 trading range, may not hold..
If there is no good news from JAPAN this weekend or elsewhere, it does not look good.
Seeya |
