================ GG1212-HI; SPY looks strong Up trend; most measures. QQQQ looks weak , as usual mostly; plenty of lower lows. Down sharply/strongly from all time HI of $120 area
murray I agree Qs / NDX is weak compared to INDU, SPX and RUT. But nevertheless the general direction is UP (see attached 1 year comparison). That would mean: Buy dips. Sell rallies. Any opinions from other traders?
Trends for Indexes on a 10 day basis. INDU 50 point grid UP SPX 5 point grid UP NDX 10 point grid UP RUT 5 point grid DOWN!
============== Agree,SPY,ES,SPX is mostly up, including 10 week, very long trend; QQQQ is up medium trend, but very extended, and very long term downtrend[7 year chart]
Thanx gg12, I would wait for a further correction, at least 12910/20(accorrding your chart, mini dow.).This goes conform with the daily chart. If this level holds, I would consider going long, but how knows what the market is doing. I prefer going long on a correction and I like to use the daily chart for this, looking for retracements of at least 30% to 50%. If the market goes without me, I do not chase. The market should go up in a orderly fashion with 30-50% corrections. But of course, the market looks bullish to me, too. Cheers Sundog
Sundog Thank you for your analysis. I agree with you. Shortterm (last 3-4 days) the ES entered into a sideways market Entry when 1493 is crossed to the upside or 1486 is crossed to the downside. Possible exit system on a 1 week timeframe after entering long or short is to apply a stop of 3 points trailed on the 1 point grid (minus one tick) to limit the risk (but gaps/slippage can occur any time and cab make that equation unvalid). Best way is to run some backtesting over a longer time series (many days on similar volatility) to justify.