Today saw a nice up move, 1.1% on the XAO.Did much change? Unless you're a day trader - no.
MACD remains below the Zero line.
RSI is at its tide-line - where it's been, more or less, for the past week and a half.
The Slow Stochastic is still headed down - for the past week and a half.
The market has gone nowhere in that time. Oscillating a bit up and down - but no definitive movement.
The XAO remains below the 50-Day SMA - until it breaks above that key level - I'll wait befor calling a new uptrend.
Today's up movement was accompanied by an increase in volume - the best since the beginning of July. That may be a positive. Maybe.
NewHighs/NewLows (50 Leaders) today were weighted to the down side 2/4. That's unusual on a strong up day - suggesting a less than broad advance.
The XAO remains below the 50-Day SMA - until it breaks above that, I'll refrain from calling a new uptrend.
Today's action was positive - and the MACD has a strong positive bias to the upside.
So, it is looking good. But, until it proves itself, I'll sit on the sidelines.
I'd like to see a move by the MACD above Zero, a move by the RSI above the tide-line, and a break by the Slow Stochastic above its signal line.
Cheers
Red
