Posted by windyjazz on 16th of Aug 2013 at 01:54 pm
I was looking at the higher lows all morning and then that
switch to lower highs after 11am after failing to take out
yesterdays late day highs around 1663
The market is oversold on several time frames BUT has refused to
bounce. We must respect the trend until evidence changes. The best
evidence is seen in PRICE action. Remember during the recent
uptrend, the market often ignored overbought readings, and even
divergences at times, and proceeded higher. With the current
conditions, a bounce/rally attempt can occur at anytime but we must
see buying. Thus, it's best to respect the trend by trailing stops
down or taking a few profits along the way in accordance of your
objectives.
$SPX 3min
Posted by windyjazz on 16th of Aug 2013 at 01:54 pm
I was looking at the higher lows all morning and then that switch to lower highs after 11am after failing to take out yesterdays late day highs around 1663
The market is oversold on
Posted by steve on 16th of Aug 2013 at 02:34 pm
The market is oversold on several time frames BUT has refused to bounce. We must respect the trend until evidence changes. The best evidence is seen in PRICE action. Remember during the recent uptrend, the market often ignored overbought readings, and even divergences at times, and proceeded higher. With the current conditions, a bounce/rally attempt can occur at anytime but we must see buying. Thus, it's best to respect the trend by trailing stops down or taking a few profits along the way in accordance of your objectives.
Gap fill and bounce...need to
Posted by steve on 16th of Aug 2013 at 02:52 pm
Gap fill and bounce...need to see higher lows on pullbacks to extend.