Well, that was another inconclusive day. We tested that support line at 1935 which held, and the 200ema, which also held. We closed under the DT line, though, while the RSI continued to build.
Overall, some positives for the bulls and for the bears. We're well out of oversold here, as others have pointed out, and approaching overbought. The ma's are pointing downward and the BB's have yet to tighten up.
The 60 min tells a similar story, except that the BBS are tightening down nicely. We releived that overbought quickly this morning but remained above the 50ema and below the upper BB.
Not very exciting. I'd like to see a little weakness this week to get us a little oversold - several more days of chop-chop should be a good base to build from. Also note that we may be forming an adam and eve bottom here on the comp daily - We'll just have to see about that. Like many, I am worried about the quick returns to bullishness we keep seeing. Bearmove's scenario of a revisit to the lows looks totally doable here over the next week or two; we're not going up very much but RSI and stochs are rising pretty quickly.
For the morning, the 15 min looks like we're good for a notable early move but it's hard to say which way it'll go as each time frame is neither overbought nor oversold. The MACD for the two shorter timescales are somewhat positive, but I think this is negated by the strong negative MACD on the daily.
This model is looking good so far. We surged out of the channel and above the 1935/40 SR line, but we stopped at the 50ema. Love to see some chop here in the 1940-1980 area for a couple days.
Market Data 
Markets 
AI
