(Click on above chart to see bigger version.)
I don't often comment on intra-day charts, it's not my thang.
But this one was too good to miss.
Looking at the XAO on the 10-day one-hour interval chart, the RSI was above 80 all day. That's a rare event.
A short term sell would be signalled with:
- a drop of the RSI below 80
- the Williams %R drops below -20
- a break of the MACD below its signal line.
- Williams %R drops below its mid-line
- RSI drops below its mid-line.
Remember - do your own research. I'm just a befuddled old grandfather.
Hiya RedBacka,
ReplyDeletePredominance of sells on spi contracts during the end of day closing session yesterday evening (my big money tracker for potential future spi movements, the almost meeting of daily targets for the rise from March lows on the SPX500 last night (using my esoteric histogram targetting stuff), coupled with further strength overnight in the USDollar index, minor weakness in copper, weakness in US financials during their day session.... tends ot lend a bit of weight to your bearishness in my not so humble opinion
You befuddled? I don't think so :)))
;)