From a seasoned inst. tech analyst:
Along with our previously stated resistance in the 859-62 area in June S&P futures, which caught yesterday's high, I've also looked at a 60-minute chart of SPY, the equivalent ETF. It made it's third TD Sequential +13 sell signal late yesterday. Note that there have been two other 60-minute SPY 13 sales since the March low (which was also made on a -13 buy), and all have accurately called a pullback.
In fact, you can see that the prior 5 "red 13" signals - both bullish and bearish ones - have given reason to not chase at current price whatever the trend was leading into the signal.
Thus, we can conclude that here and now is probably not the time to be chasing the market on the long side.
Notablecalls: FYI - I agree. We're clearly headed lower for the time being.
Along with our previously stated resistance in the 859-62 area in June S&P futures, which caught yesterday's high, I've also looked at a 60-minute chart of SPY, the equivalent ETF. It made it's third TD Sequential +13 sell signal late yesterday. Note that there have been two other 60-minute SPY 13 sales since the March low (which was also made on a -13 buy), and all have accurately called a pullback.
In fact, you can see that the prior 5 "red 13" signals - both bullish and bearish ones - have given reason to not chase at current price whatever the trend was leading into the signal.
Thus, we can conclude that here and now is probably not the time to be chasing the market on the long side.
Notablecalls: FYI - I agree. We're clearly headed lower for the time being.
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ReplyDeleteNC - I remember the times when you disdained TA. Good to see you've come over to the dark side.
ReplyDeleteright.
ReplyDelete