Down Trendy Wednesday Wrap Up
Down Trendy Wednesday Wrap Up
Today bestowed us with the exact inverse of yesterday’s tape – a text book down trend day:
I think the signal and the comments I added are fairly clear. Based on the EOD signal I suspect we may actually continue lower.
But what was absolutely fascinating today is the net-lines chart on the spoos – you have GOT to see this:
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Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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I have to hand it to you, Chris – those Net-Lines levels work like a charm. Look where reversed today – right at what would have been a NLBS. And by painting that little spike up and being rejected the spoos produced a successive three candle high, which means that 1334.5 becomes the next session’s sell signal.
And guess where the spoos are already trading? Well, not tough to guess as it’s already on the chart. So, this adds another victim to our short list. If we close below 1334.5 tomorrow then we have ourselves a bonafide NLSS on the spoos.
Fun times! 🙂
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Cheers,
Mole
