This morning, futures are pointing to a HIGHER opening for the major indexes. Major indexes are testing critical support levels. However, RSI & MACD are showing some improvement and bears close monitorinig if a rally develops. A key ingredient for a sustainable rally is volume. Will need to see if institutions will sell on the strength or propel the indexes with money flow into stocks. October is know for setting bottoms in the market. We may be in process of establishing a bottom.
Currently, major indexes are BELOW 50 & 200dMA. However, RSI & MACD are showiing signs of improvment. Climate is HIGH RISK....
Selective Chartists Positions (with BUY price): NONE 100% CASH
Dollar Tree (NASDAQ:DLTR)
Polo Ralph Lauren (NYSE:RL)
Ross Stores (NASDAQ:ROST)
Ulta Salon (NASDAQ:ULTA)
F5 Networks (NASDAQ:FFIV)
Dow 30 (NYSEARCA:DXD)
ProShares Short Dow 30 (NYSEARCA:DOG)
ProShares Short S&P 500 (NYSEARCA:SH)
SP 500 (NYSEARCA:SDS)
View the charts:
Major indexes BELOW 50 & 200dMA and strongest stocks close / meeting the CRITERIA.