The short term indicators bottomed today on the Dow 60 minute chart and there was a net inflow of cash into the ETF for the S&P 500 Index (SPY) of over $130 million. I would not be surprised if we do see a little move up in prices in the short term. This is based on the two above indicators on the bottom of the chart only ... I would not read anymore into it at this point. I don't know how long it will last ...everything is overbought and some of the techincal indicators just don't perform well when these things are extended from a price and timing perspective when this occurs. We also had a down volume day with 65% of the volume traded. All market information was obtained from
The Wall Street Journal.
Looks as if the money flow (blue line with the price) is peaking and the bottom indicator is rolling over as well. We are looking at some type of correction ... the only question is how deep this is going to be. I would use your stops here to protect your gains on any long positions ... and if you want to try to short the market ... now may be the time with using something like SDS (double inverse the performance of the S&P 500) to do it. Remember I would keep your stops pretty tight to protect yourself if we are wrong.
The short term indicators bottomed today on the Dow 60 minute chart and there was a net inflow of cash into the ETF for the S&P 500 Index (SPY) of over $130 million. I would not be surprised if we do see a little move up in prices in the short term. This is based on the two above indicators on the bottom of the chart only ... I would not read anymore into it at this point. I don't know how long it will last ...everything is overbought and some of the techincal indicators just don't perform well when these things are extended from a price and timing perspective when this occurs. We also had a down volume day with 65% of the volume traded. All market information was obtained from The Wall Street Journal.
Looks as if the money flow (blue line with the price) is peaking and the bottom indicator is rolling over as well. We are looking at some type of correction ... the only question is how deep this is going to be. I would use your stops here to protect your gains on any long positions ... and if you want to try to short the market ... now may be the time with using something like SDS (double inverse the performance of the S&P 500) to do it. Remember I would keep your stops pretty tight to protect yourself if we are wrong.
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