Right now 3C is showing weak positive 1 min divergences in the SPY and DIA as of 1 p.m. Looking at the TICK data (each transaction or tick of each NYSE stock-either positive or negative meaning more stocks ticked up or down) this indicator is in a lateral trend that has persisted since about 11:30. The Q's are not showing any positive divergence so in my opinion AS OF THIS MINUTE, as the market is dynamic, it seems for now, the current lateral trend will persist until something significant changes.
The 5 min charts have shown marginal, slightly positive bias, mostly in the DIA, but much of this is just random noise as the larger trend in the 5 min remains predominantly negative.
Translation -the market seems range bound right now and there are now major signals showing anything that is suggesting a dramatic change one way or the other presently.
The hit in GLD is especially interesting as it has given up the gap and is trading down now-remember I said GLD would bounce last week. As of the open of currency trading this week, the EUR has given up the gains from this week so far and is now moving back down and is near last week's close. UUP is showing 5 min positive divergences so this MAY be the end of the GLD bounce I mentioned last week.
5 years ago
5 comments:
Thanks. The next few weeks are BIG and 3C should prove very useful during this time. Please keep a close eye out for possible fake outs and a possible market crash.
Thanks...A
Sure will-had one heck of a last 24 hours :(
I'm sure you did. I think people around here are very tense and anxious and nerves are fraying. We all want to know what's going to happen. My hunch is an event in the next few weeks that causes a crash and allows the big players to blame it for the crash. This POMO and QE2 rally was brilliantly set up and orchestrated and has fooled the majority.
Some information is just not known and can't be truly reflected in the market as of yet except for discounting expectations, specifically I'm talking about the election. There's no way to show insider information on an unknown event out of their control.
I think the lateral range we've seen over the last week specifically and longer generally is a sign that Wall Street is waiting this event out, or at least is giving the perception of that. Tonight I'll really dig and see if there are those signs that we look for that are not obvious that tip the hat one way or the other.
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