That’s sort of how I feel about this market. With a yellow light it’s too early to brake and too late to go through. Since I have no IFTs, it’s a good time to sit on my hands and let this market trend play out.
The Descending Triangle is still in play, but I should point out that within the confines of TSP it would be hard to capitalize on this pattern since we can’t go short. If you are a short-term player then all I can say is that you are braver than I am. But bear in mind, if we somehow close above, and confirm another close above the triangle, then I’ll be ready to redraw the charts and look for possible upside action.
It’s not a big deal, but I would like to point out that we got our first 20/30 moving average crossover on the SPXA50. My expectations are that the moving averages need to fall back down to the two previous (300) peaks before they rise again. It’s a slow process, but if you’re a long-term trader then you don’t mind watching the paint dry.
<O
I’m doing a slight change for the price performance charts. In order to provide everyone with a bit more consistency & time-frame perspective, I’m going to maintain a 15, 45, & 90 day price performance chart. This will enable everyone to see the different trendlines and identify changes quickly. I’ll probably post all three of these charts together, that way trend changes on the 15 day won’t look as bad when you step back and look at the 45 & 90.
<O
Cheers
The Descending Triangle is still in play, but I should point out that within the confines of TSP it would be hard to capitalize on this pattern since we can’t go short. If you are a short-term player then all I can say is that you are braver than I am. But bear in mind, if we somehow close above, and confirm another close above the triangle, then I’ll be ready to redraw the charts and look for possible upside action.
It’s not a big deal, but I would like to point out that we got our first 20/30 moving average crossover on the SPXA50. My expectations are that the moving averages need to fall back down to the two previous (300) peaks before they rise again. It’s a slow process, but if you’re a long-term trader then you don’t mind watching the paint dry.
<O
I’m doing a slight change for the price performance charts. In order to provide everyone with a bit more consistency & time-frame perspective, I’m going to maintain a 15, 45, & 90 day price performance chart. This will enable everyone to see the different trendlines and identify changes quickly. I’ll probably post all three of these charts together, that way trend changes on the 15 day won’t look as bad when you step back and look at the 45 & 90.
<O
Cheers
