It seems we are turning where I predicted. We are very late in the daily cycle. It seems today we are printing a reversal candlestick. The 6 day RSI is printing exactly the same reversal like at the end of June. Today is a very possible point for the daily cycle low. Last week I was hoping for 2 days of decline but it seems we get only one big day down.
Before the US elections powers will not risk a stock market collapse: everybody and his dog will be buying soon. So get ready for a higher high soon.
If this candle is holding 1 hour before the close I'm going long in S&P. (How interesting that oil is supporting this rally...)
Kommentera
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Note at the RSI is wrong: "Same reversal at ***oversold*** levels"
Kommentera
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Based on the past DCLs tomorrow we will have a follow through. WE can have a marubozu like on the 06.28. DCL or we can test back to the half of today's candle. In that case I will be adding to the long position.
Kommentarer
Bearbud
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Hello Arpi,
We are currently at 2177 do you see a pullback soon and then upward move again?
oilyprata
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Hi Arpi, Is Oil correlated with SPX? I'm thinking with Oil heading for a 4-5 DCL, SPX will follow suit with a DCL. What are your thoughts? Not holding, but discerning when to next buy in. Thanks Arpi :)
PowerOfCapital
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Tomorrow will be interesting,if breaks the low of yesterday, we might keep caution on sp500 .
rippy83
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Did you open long today?
bertcoin
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I did (bought to dip) just before close (favorite long term stocks). Looking for more if we test 1/2 candle tomorrow.
rippy83
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holding AAPL and SPY for now....what are your picks?
Cashwallace
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Thanks for all the supports.... Please can I know the values you use for your moving averages?
tradecw
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i think you meant oversold relative to the rsi
chartwatchers
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Right. And I cannot correct now...
UnknownUnicorn540299
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Or 2139.4 then down to 2089. Suspicious if the correction is over already.
We are currently at 2177 do you see a pullback soon and then upward move again?