Hey Gang! The MACD on the OEX (on a monthly basis) has been nailing the turns on a LONG TERM basis. Wondering what your thoughts are... here's the commentary that my favorite guy from Norway had to say:
"In the OEX, the last time a MACD MA crossover occurred was in Nov. 2007, issuing a sell signal at that point, as this monthly chart shows. So they don't come around often these long term MACD signals but when they do, its worth listening to what the market is trying to say, because using the chart history as proof, these signals often portend a change in the market tide.
However, both SP markets closed up against its first Fibonacci resistance, (38.2%) calculated from the Oct. 2007 - March 2009 decline, while the Nasdaq Comp has already reached its 50% retracement area.
So a temporary pullback on its way higher, is not ruled out. Short & Medium term, this QQQQ Weekly setup looks interesting in this regard, forming a weekly Hammer reversal candlestick up against two meeting trendlines, making this a tough resistance area to overcome on the first attempt."
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