Monday, March 3, 2008

03.03.08 - Bottom of Range

Looks like we are trying to put in a bottom along the rails of this recent trading range. A-D line is flat lined while cumulative tick remains slightly down sloped. Watch out for resistance at today's pivot (SPY $134). We are technically oversold, but volatility has a lot of room to move if pushed.

Blog to Read: Vix & More - McClellan

2:50PM CST UPDATE: I am getting signals for a short-term bullish edge based on the number of Dow components at multi-day lows over a given period of time. Sorry, I can't disclose the precise formula. However, the idea is not unique and it is easily researched. The contrarian sentiment signal has also triggered.


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