The banks are under pressure again today, so that may show up in the SPY and the DIA much like it did for awhile yesterday intraday.
Personally I feel the EUR/USD pair hasn't moved too much and the market right now probably has more to do with that then it does the election. Also the Fed meeting I'd think is largely been priced in over the last several weeks so it seems currencies, based on Bill Gross' comments last night are running the show.
I had a request for the long term 3C charts so here they are.
If these long term charts turn out to hold true, it will make some sense as recently we've seen a lateral classification in the trend table which is where accumulation and distribution often occurs. Keep in mind these are long term charts and rarely reflect short term changes, like today's gap up-this is the overall trend so when you see the indicator higher several weeks ago, it's comparing now to several weeks ago, a confirmed trend would see the indicator move up with price as I showed you in several individual trades last week. When prices are higher and the indicator is lower, this is our negative divergence. You can see the QQQQ and SPY have seen pretty dramatic deterioration in this trading range we've seen lately with leading negative divergences.
2 comments:
Thanks for the update Brandt. Sometimes it is nice to see the whole picture, especially when the market is moving sideways against your position. It seems like we have been churning along this top for a month almost.
No problem Jack, but don't stop there, keep looking as I am for that which others have missed.
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