My gut says rally but these charts will keep me on my toes. The possible double top on the $NDX didn't help matters back in December and it looks very similar. The potential head and shoulders top on the $SPX is also reason for caution
Monday, June 2, 2008
Cautious
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
Hi,
Thank you for posting your thoughts on the blog and also on Twitter. I follow them everyday and am learning so much from you.
Had a question about short term market overbought / oversold levels. How do you determine when market will potentially rally? What time frame charts do you usually look at to determine the very short term trend.
Thank you,
Lisa_Jay
Lisa
Dring the day i use the 1,3,5,15 minute charts and I use the daily for longer term analysis. To determine oversold/overbought it is a combination of "feel" and watching the 50,100,200 moving averages
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