Channel Guy Trader: Stock Market Technical Analysis for Ending Day 10/07/09
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its true :-)
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Bearish indication depends on how you interpret the indicator. For instance... when RSI or Stoch are above their max levels... 70 and 80 respectively, for me it's a time to look for buying opportunities.
Really large trend breakouts appear as overbought on any indicator. It's only when you go to the higher time frame that it makes sense.
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by the way i had looked at the "gold" and i see it quite Bearish( becuse of the negative macd)
so maybe the markets (spx,djia ,other) as more up to go (but they also have very big negative macd)
zozo71zozo71 2 years ago
Well right now you have something that we have not seen in a while and that is gold acting stable with the dollar up today. So we have to see going forward if this was a fluke today or is there a bigger picture. The markets broke out after hours and I am now reading that Australia had a drop in unemployment. So maybe we do the same and have a big bust tomorrow. Will have to see will be a great trading day nothing less.
askchrishetrades 2 years ago
i see the SPX can go to 1100 but i have to see the macd if the SPX will get there....
zozo71zozo71 2 years ago
I agree with you and will have a video to show possibly the same thing. WIll be out before tomorrow 1 pm.
askchrishetrades 2 years ago