Vestor 2000 & POKERSAM - As I said on Friday, I was holding long for the weekend based upon the $NDX RSI(5) and MACD(12,26,9). Currently the S&P futures are up 4.70. If this stands, it could push the RSI(5) over 50 on Monday. RSI(5) over 50 will more than likely go to 70 before 30.
The place to be right now is LONG. I believe we may hit 39.20. However, I will follow the chart.
The break of the 50 DMA caused a big drop to the downside. Now we need to go back and retest the 50 DMA (which I think will fail). I suspect the $NDX RSI(5) will be around 70 at that point. Then, I will change to a short position. We then probably fall to the 200 DMA, which could bring the $NDX RSI(5) back down to under 30.
We have been trending up the last two trading days. Despite interest rate hike, gas prices up, and hurricane.
I don't see anything out there right now that would crash this market at this time.
So I will just follow my charts and continue buying long until the charts say otherwise. Right now I am seeing green for being long since 22 Sep.
Yes, September could close out poorly as it historically has. However, we have 4 trading days in the mean time.
Good Trading to All,
Lindy
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."
