actio-et-reactio
Balance is but a brief transition between extremes.
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Monday, December 08, 2003
Monday: +RSI Reversal is getting fulfilled
Shown below is today's 60min chart, which shows the +RSI Reversal being fulfilled. It targets 1075.4, but there are reasons to suspect 1071 may be all it yields:
(1) CCI entered overbot (not bearish yet, but did it too quickly;
(2) MACD is reversing, but sub-zero (can be a weak bullish signal)
(3) Relatively low participation in the bullish move suggests it may not be sustainable.
FOMC meets tomorrow with minutes released on Thursday, both of which may be a sufficient catalyst for some more selling. This is a speculative scenario, so as always, it's best to watch what price DOES not what one thinks.
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Labels: chart-analysis, indicators, RSI
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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