SPY: Bullish Case / Indicator Stories
We have a strong bounce here pre market. This honestly looks pretty strong to me.
This is my 15 minute time frame.
Hey, I'm not a permabear I promise. This is the earliest timeframe that I could find a bull case for, and thought it was convincing.
On my Stochastics on the bottom of the chart;
My longer term Blue Stochastic has risen above the lower black threshold line (40) for the first time in a long time.
This comes after my Blue Stochastic has been diverging for several days now, and the Shorter Term Stochastic also shows a divergence.
On the RSI on the Top of the Indicators;
Momentum has clearly shown strong buying pressure at this time resulting in a powerful move higher in price.
Clear divergence on my Shorter Term RSI Black Line
Longer Term RSI Red Line has moved decisively, with conviction, over the center (50) line.
This comes after an extended period of time spent below the center (50) line.
Strong breaks above the center (50) line often stay above the center line
The shorter term RSI Black Line has risen above my Upper Black Line Threshold (62) so which allows me to rule out false bounces mostly, and breakdowns.
This is my 15 minute time frame.
Hey, I'm not a permabear I promise. This is the earliest timeframe that I could find a bull case for, and thought it was convincing.
On my Stochastics on the bottom of the chart;
My longer term Blue Stochastic has risen above the lower black threshold line (40) for the first time in a long time.
This comes after my Blue Stochastic has been diverging for several days now, and the Shorter Term Stochastic also shows a divergence.
On the RSI on the Top of the Indicators;
Momentum has clearly shown strong buying pressure at this time resulting in a powerful move higher in price.
Clear divergence on my Shorter Term RSI Black Line
Longer Term RSI Red Line has moved decisively, with conviction, over the center (50) line.
This comes after an extended period of time spent below the center (50) line.
Strong breaks above the center (50) line often stay above the center line
The shorter term RSI Black Line has risen above my Upper Black Line Threshold (62) so which allows me to rule out false bounces mostly, and breakdowns.
Comment:
What? Did you expect my 15 min chart was going to be clean? No this is ugly. Just browsing early morning. I trade the 5 min against the 15 min, and both are the same. It looks better on the 5. and then 3 minute for entries.
Comment:
That's why it's called indicator stories ;)