An interesting Wk-17 with an engulfing candle.
The last engulfing candle at the bottom of a significant low I see on the weekly record was from 12-Sep-2011 and that week gained 5.35%.
It was also a Bearish condition and just happened to be drop -19.63% during a 15-wk correction. 4 weeks later saw a long-tailed bottom, then a 25% rally.
The shorter 3-week high low range shows where the action is.
Not much movement on the 13-Week timeframe, a near dead break even tie.
On the grander 52-Week scale, a fair bit of the bantom weights left for higher ground.
While the weighted scales do look tipped towards the Bulls, the Index as a whole is stuck in the middle at 53% of it's high/low range.
Statistically speaking my sphere of influence says we should at least pretend to test the lows once again.
My guess, not likely this upcoming week, perhaps after the top-tier companies report.
As for me, hitting the road tomorrow which sometimes means I'll miss a good opportunity.
I'm traveling with slower internet and a tablet so it's like camping or my version of "roughing it"
Have a great week...Jason
The last engulfing candle at the bottom of a significant low I see on the weekly record was from 12-Sep-2011 and that week gained 5.35%.
It was also a Bearish condition and just happened to be drop -19.63% during a 15-wk correction. 4 weeks later saw a long-tailed bottom, then a 25% rally.
The shorter 3-week high low range shows where the action is.
Not much movement on the 13-Week timeframe, a near dead break even tie.
On the grander 52-Week scale, a fair bit of the bantom weights left for higher ground.
While the weighted scales do look tipped towards the Bulls, the Index as a whole is stuck in the middle at 53% of it's high/low range.
Statistically speaking my sphere of influence says we should at least pretend to test the lows once again.
My guess, not likely this upcoming week, perhaps after the top-tier companies report.
As for me, hitting the road tomorrow which sometimes means I'll miss a good opportunity.
I'm traveling with slower internet and a tablet so it's like camping or my version of "roughing it"
Have a great week...Jason
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