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updated SPY and QQQ 5-min charts with RSI-21,

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rimshot   Thursday, 01/10/13 07:52:03 PM
Re: rimshot post# 1519
Post # of 30147 
updated SPY and QQQ 5-min charts with RSI-21, RSI-30 and RSI-50
which can be used together to distinguish between:

1. a fakeout price advance to the upside
* (RSI's actually NOT holding above the 70 level for several hours,
but merely testing the +70 level briefly from below)

VS.

2. a Power move price advance
* (RSI's actually holding above the 70 level for several hours)

a Power move price decline
* (RSI's actually holding below the 30 level for several hours)

chart #1 - SPY 5-minute



chart #2 - QQQ 5-minute



chart #3 - updated SPX Equally Weighted index daily chart

* the daily RSI-2 is considered overbought once above the 90 level and a lasting price pullback
is not expected until it actually declines back below the 90 level

* the daily RSI-2 is considered oversold once below the 20 level and a lasting price advance
is not expected until it actually advances back above the 20 level





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