I just sold my longs, didn't like the way the market is acting. On the intra-day charts, most markets look vaguely like an ending diagonal:
So, I made a modest profit.
But I'm not ready to re-short this thing just yet...Maybe soon though....
Update: more evidence of topping action...
Notice that RSI on this hourly $SPX chart is somewhere between 70 and 80 (very overbought), and the MACD histogram is going flat, meaning that there is no momentum left. That indicator combination is a usual precursor to declines. Not guaranteed, but likely...
Update: more evidence of topping action...
Notice that RSI on this hourly $SPX chart is somewhere between 70 and 80 (very overbought), and the MACD histogram is going flat, meaning that there is no momentum left. That indicator combination is a usual precursor to declines. Not guaranteed, but likely...
No comments:
Post a Comment