Wednesday, November 2, 2011

EOD Update

EOD Update

The hourly MACD crossed up and triggered a buy signal into the close. The 30 min primary below still has the market in a confirmed buy signal as it crawls up the channel.

I think I'm 50/50 on expecting one more leg down, however, I believe at minimum all three options below may have the market testing yesterday's gap at 1251 first. Pattern-wise, we must still respect the bear flag plus there was a daily MACD VIX sell signal triggered today.

The 30 min primary is the more bullish of the three and it is indicating a gap and go up starting tomorrow.

I mentioned this in the chat room before I left for the day mainly because the market was hovering just below the 20 SMA on the 60 min which triggered a MACD buy signal into the close. Therefore I think the market will gap over this tomorrow at the open.

30 Min Primary

5 min - ALT 1

5 min - ALT 2

60 min - Bollinger Bands
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