Our Market Tour on Stockcharts.com depicts bullish, bearish and neutral signals in green, red and black, respectively. Most signals today are green (bullish). Although the rally from the March lows has come a long way, we have routinely viewed SPX 1100-1200 as the target.
Bullish signals include an improvement in market breadth (advance deline and McClellan Oscillators moving positive), improved price relative of XLF (financials), RSI of the major indices bouncing above 50, maintaining its bullish range (40 on the low side, 80 on the high), OBV confirmation on the uptrend, and VIX RSI falling below 50. Put/Call ratio turned a bit bearish below 75 today, but this indicator was overwhelmed by the positive signals.
Today we added basing stocks from IBD100 and other strong relative strength stocks that settled down over the last week. Shorts were covered (for minor losses) and a new position in QLD was taken.
Click here for current Market Tour
Chart Pattern Indicator: What's the Reading?
3 weeks ago
No comments:
Post a Comment