Posted by pcampbell66 on 16th of Aug 2008 at 10:02 am
I agree. In addition, I think that the Russell rejected the 765
area and that the Nasdaq rejected it breakout attempt as well.
Generally, we got very weak loss of momentum candles to close the
week and it think the markets will show significant
weakness...likely starting next week. Matt and Steve have been
increasingly underscoring the need to be very careful with long
trades...I am quite sure that their concerns are not misplaced.
15 minute charts are showing significant negative
divergences for most markets and etf's. XLF and BXK
do not look like good long risks for me from he
15 minute chart. We are still back testing ascending
lows...that's not the most bullish situation.
I agree. In addition, I
XLF
Posted by pcampbell66 on 16th of Aug 2008 at 10:02 am
I agree. In addition, I think that the Russell rejected the 765 area and that the Nasdaq rejected it breakout attempt as well. Generally, we got very weak loss of momentum candles to close the week and it think the markets will show significant weakness...likely starting next week. Matt and Steve have been increasingly underscoring the need to be very careful with long trades...I am quite sure that their concerns are not misplaced.
15 minute charts are showing significant negative divergences for most markets and etf's. XLF and BXK do not look like good long risks for me from he 15 minute chart. We are still back testing ascending lows...that's not the most bullish situation.
15 minute XLF chart