THE NUMBERS
Markets gave me the move down I was looking for on the afternoon whoosh- but didn't close at the lows - buyers did come in during the last few moments.
The over bought situation is now gone as we are about 4% above the SMA 10 on the VIX and at RSI (2) levels near 20 on the major indexes.
In addition - we are sitting a hair above the SMA 50 which is near the 900 level which was also the low for the day.
Not sure the worst is over - so taking it slowly for now with the anticipation that we are in a trading range between 890 and 945.
A little blogger problem uploading the images - but trust me - those are the numbers.
The over bought situation is now gone as we are about 4% above the SMA 10 on the VIX and at RSI (2) levels near 20 on the major indexes.
In addition - we are sitting a hair above the SMA 50 which is near the 900 level which was also the low for the day.
Not sure the worst is over - so taking it slowly for now with the anticipation that we are in a trading range between 890 and 945.
A little blogger problem uploading the images - but trust me - those are the numbers.
posted by DAVID at
6:12 PM
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