I have enclosed a 60 minute chart for the Dow. The Frye indicator is rolling over ... but the red line ... the modified Tick Data is headed back up. I would not be surprised is we did see some strength on Wednesday based solely on the technical indicators. Just a guess ... don't know if I would trade against the downward moving Frye indicator.
I wanted to finish up this evening with a weekly chart for the Dow. Basically all indicators point to an overbought condition. Be warned however ... look back in 2006 and 2007 ... all the indicators were overbought and moved down before the price made a small downward correction in 2007. I wanted to point out that these things can stay overbought or oversold for a while and the indicators can move in an opposite direction.
Remember to use your stops wisely if you trade.
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