Take a look at the red lines on the 3 charts below.
Now let’s look at the 60 minute time frequency charts.
There are 5 reasons why we locked in gains Friday.
1. Multiple indexes hit downtrend resistance off of the April Highs as shown on the daily charts above
2. The Full Stohcastics on the daily charts are also now in overbought territory
3. Multiple indexes hit prior resistance levels from mid August as shown on the 60 minute charts
4. The indexes are tagging key fibonacci levels (60 min charts)
5. RSI and Full Stochastics in overbought territory
Need we say more? Can you think of a better reason to go to cash, lock some huge gains and enjoy a holiday weekend? Not us.
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Disclosure: no positions