Not much new to update from the recent videos. I think the odds favor a continued rebound attempt here though the hourly charts may need to pullback toward oversold to prepare for a continuation of the move.
In the US stock indexes the recent swing move down was NOT retraced completely by Friday, leaving the price pattern logic in a down trend. Some foreign markets moved up sharply shifting their shorter term logic to UP. So again I think that favors the overall tide turning up, but it may be wise to await a higher swing low on the US stock index daily charts before taking long side shorter term trades.
Put/call ratios are still working down from elevated levels, and need a little further pullback in order to present an ideal short trade set-up. Also, the VIX is working down from above its bollinger band and I would look for it to touch/test the lower bollinger band to potentially find a support area before possibly leaning toward the bearish side on stocks again.
No comments:
Post a Comment