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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026

Tuesday, October 29, 2013

SP-500 Daily Update

The SP-500 has entered into the low end of it's Fib Resistance Zone by reaching 1770. The zone runs from 1770-1820 and is where I expect a correction to form. As of publishing after the close, all daily indicators are still on buy.


 The negative divergence in the +DI has disappeared. The ADX is approaching the zone where a rollover will either mark the top or the top will form within 20-40 pts. of the rollover. This indicator gives better signals when the rollover occurs above the yellow line. I will be watching this daily since we are also inside the FRZ.
 The MACD is approaching the top of it's uptrend channel. I don't really care about that. I want to see it break it's uptrend line or put in a -div.
 The small break in the original RSI uptrend line was exactly what I thought it would be. A pause before a new uptrend line and higher levels. Once the new uptrend line is breached we should be short again.
StochRSI is in bullish above territory and on it's uptrend line. There should now be a horizontal line at the prior low of the StochRSI and I won't short until that is at least broken.

Good Luck!


1 comment:

  1. Pretty good, and I think you are close to nailing the short term top..but FOMC days are often tricky.

    A retracement of 'moderate' degree, from the 1790/low 1800s...but no lower than 1730.