Stock Charts Daily RSI(5) at 64.1. MACD(12,26,9) at -2.05.
My current position is Long. We closed above the RSI(5) 70 yesterday. Now the MACD(12,26,9) has the controls. The MACD is still in an up trend. I'm also watching the CCI(20) which is at 68.5, it is also in an up trend and may hit +100 before we change direction. We probably are getting close to a top, but the charts will have to decide that in time.
Today we have earnings being reported by Amazon, on Thursday Microsoft reports. On the economic side today we had consumer confidence that didn't meet expectations and existing homes sales that exceeded expections. On Friday we have the GDP.
So we have some key reports that can easily impact the market one way or the other.
Bottom Line: I will go short when the MACD starts trending down. That could be today, next week or whenever. But that is what it will take for me to initiate a short position.
That is my game plan for today.
Good Trading to all.
Lindy
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