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Tuesday, January 27, 2015

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Market to blow off steam next 2 days

12:40 AM    No comments
In looking at the daily chart, the QQQ is throwing a temporary top signal. This means that the waves are about to rush back out into the sea for a day or two. Lets look at the chart:


See the latest candlestick above? It looks like a cross? This is a top signal in the current wave, and this means things are going to drop over the next 1-2 days. Now lets take a look at what is being shown in the weekly chart:

Looking at the above chart one can conclude that soon the doo is going to hit the fan. First of all, big signal that the RSI is steadily decreasing with the decreasing peaks one after the other. Secondly, the MACD is coiling up into a coiled spring formation. There was a step down in march and April of 2014 like there is now, but I dont feel that there will be a re pull to the topside direction without a big drop first. This is why I have my puts a bit out there.

How to Play This Dont enter into anything long right now and if the pre market is opening low in the morning, expect the day to be a down day.

Thats all for now,
Mark

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