AI
| Followers | 71 |
| Posts | 12229 |
| Boards Moderated | 1 |
| Alias Born | 04/01/2000 |
Saturday, March 13, 2010 3:38:59 PM
SPY overbought on daily chart. Showing a Doji with an RSI over 70 usually means it is time for a short term market turn lower. The VIX is low but the put to call ratio is not as low as what is usually seen at a major market top. So I agree we should probably see some selling in the market but this does not look like a major market top yet at all.
The weekly chart shows what Amateur Investors is worried about here. The volume on down weeks has been higher than up weeks lately. That is not a good thing but as the monthly chart below will show all is far from lost:
Volume on the SPY still looks good for further gains on the Monthy Chart to me:
Unfortunately the semiconductors have not been outperforming lately. This calls into question if they are going to lead or simply fallow even if we get any additional rally from here? No new highs lately for the SMH!
RtS
The weekly chart shows what Amateur Investors is worried about here. The volume on down weeks has been higher than up weeks lately. That is not a good thing but as the monthly chart below will show all is far from lost:
Volume on the SPY still looks good for further gains on the Monthy Chart to me:
Unfortunately the semiconductors have not been outperforming lately. This calls into question if they are going to lead or simply fallow even if we get any additional rally from here? No new highs lately for the SMH!
RtS
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
