Chip - yes, usually the global top or bottom is good for a position trade for the current day. As for longer trades, haven't checked carefully because I don't hold trades overnight.
Generally, the longer trades are influenced by such a vast variety of inputs that the indexes are trending off in countertrends over the long term. My 1 minute charts just reference back about a day or less, so that everything scaled into the screen is based on the current days thinking and trends.
Last amjor bottom was this morning at 10:53. We are threatening to pick out another bottom right around here except the rumour has just come out about the Feds tightening sooner than later, and that superimposed another downslide on things about 20 minutes ago.
Also, Europe closed lower, Euro is weaker, lots of doom and gloom out there right now, gold down, metals down, Europe down, Kosovo continuing, India/Pakistan altercation. Some Ex-Fed apparently has a report out on the possible rate hikes.
Most of my major indexes in a downtrend now but maybe subsiding, ND, NDX, INDU, XOI, RUT, NF, NNA, and TRAN.
Ad/dec issues and vol continuing to deteriorate. |
