Yesterday's nasdaq chart. Before doing the newsletter for today I did had this and some other charts (nq's and sp's) in front of me. I did notice we were due for an oversold bounce and 'pause that refreshes' relief rally. Of some concern was the bearish divergence of the RSI from september 8 while the COMPX was trading in a rising trading channel but I put that aside for a while in favor of our newsletter favoring a "bottom and reversal" day. Now I'm looking again at that bearish divergence. Professional traders NEVER TAKE any trend for granted nor do are we ebullient when we see what could be a pause that refreshes rally, we'll take it but we'll exercise caution.
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