Index futures are looking ripe for an upside breakout, End of 2 quarter could go out with a bang, be ready. Daily ADX on Dow has fallen from 40 to under 15. MACD has stayed positive.
how do you use ADX outside a trend ? one thing that bothers me is that the euro indices are pretty overbought on a weekly basis, how can the Dow break out for real here , that would imply that DAX etc will keep going vertical , that 's only one thing though we should have a go at the highs today I think (hope)
Rickshaw Nice call I agree if we close strong into the day or close to the highs I'm a buyer for the next several days till proven wrong!
Well I don't know if its a good call yet, Market is bumping up against this three now going on 4 week resistance. It could fall apart if some big company warns. But I suspect fund managers will support the market headed into close of 2nd quarter books.
The more this wears on the more it smells like distribution, this drifting up overnight. then the stair step sell off, just smells of distribution. It appears most of these quick spikes on the upside are being sold into. I feel pretty good my strategy is about break even over the past three weeks. That includes all costs. I am happy im not loosing in this 100 point chop.
I agree todays breakout (YM) was perfect and should have had legs to it. I just hope this is not a precursor to summer action! Today was the only day that I held longer then normal in the past 10 days. Still made my NUT on the day but it did look like a lottery ticket there for awhile. Nice call any way it was well formed and could have been perfect!
You know soon as we turn our backs it will breakout. The technicals are set up, but just need some conformation. I will keep waiting.