Saturday, April 4, 2009

Corrected weekly RSI signal on SPX

Back in November I jumped the gun and expected a snap back rally back to the RSI objective area based on the signal that was flashing at that time. I wasn't paying attention enough to the cyclical wave patterns in the market at the time and there for didn't give the situation enough time to evolve. Looking back at things I'm now going to trade based on the idea that the true signal didn't complete until late February, which now calls for a minimum objective of 950ish. That also will be an area where the 200mva will come down and offer substantial resistance to this counter trend rally.
I'll be looking for a spot to get long the market in a small way.






No comments: