It's been more than two years since I first published John Carlucci 's "Best Market Indicator" research here. Almost 10,000 views on the original chart, WOW ! .
I'm republishing this again with some minor updates. On the first publication, we looked for signal on a monthly basis, this time around we'll be using the weekly chart to determine market conditions. The rules are still the same :
Following a major market correction, the conditions for safe re-entry are when:
a) Daily OEXA200R rises above 65%
And two of the following three also occur:
b) Weekly RSI rises over 50 c) Weekly MACD grey line rises above red line d) Weekly STO grey line rises above red line
*If indicator falls below 65 % , do not open new positions or close open positions. *If indicator falls below 50 % , close all positions.
*You don't have to follow the last two rules.
Based on the current reading , the market is still "tradeable"
I have been using this since I discovered the research over two years ago, and has helped me a lot with my long term trading . I hope it will help you also.
Cheers and have a great weekend
Algo
Comments
Algokid
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For the STOCH indicator on the chart , the colors are reverse. Please change red to grey and vice versa.
Algokid
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If the time permits , I will post updates every weekend.