S&P has mixed internals...like I posted last night=60 minute may need to cycle UP to wake up/convince daily CCI to practice some down...
Daily Chart...this follows my previous post on TVIX... Why 4 and 9 moving averages...someone asked (or am I hearing voices). The Grail averages are the 3,5 and 10 averages...trigger is the 3day average crosses the 5day average. Just because the CCI 20 or some other esoteric indicator has signaled a change from overbought/oversold (sell high/buy low)...it only means that maybe the daily chart is waking up from oversold...and you need some more confirmation=3cross 5day average... the smallest you can use is 3= that's a rule...3=like the stochastics 14,3 default setting or the 10,3 stochastics setting I use. Anyway...the Key to the "GRAIL" simply is: the only way you are going to get this smallest of small indicators = the 3day average to change direction from oversoldlevels, is price has to continue to move above the moving average. And sometimes when I say the move is weak or failing = price action around the 3day average=no confirmation...3 isn't going to cross 5 day average... What I'm doing with the 4day average is ignore or assume the signals are early if price can't stay above the 4day average...think about it...IF I say and many others agree that PRICE is the best indicator...maybe I better learn how to read price...I'm saying... as the technical indicators move out of an oversold condition...price above the 4day average suggests the signals are real...price below the 4day average suggest weak and signals are still early...so it helps= define "weak" and define "early"...so when I say this it's not an opinion or feeling(subjective)...it is something everyone can see on the chart...I can point at it as a fact...objectively.
Daily...4day average is weak the move is/was early still...4.91-4.89... For now PRICE can't even stay above the 4day average...focus is 4.89. You need price above $4.89/4.88...and hopefully not go below $4.80..
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