Here, I offer a look at using the prior time frame Median as a means of bullish or bearish sentiment/trend.
The indicator plots PRIOR Daily, Weekly and Monthly Medians.
Currently, this week, we have Bearish Cross of the short term Daily Median below the prior Week Median give us an obvious bearish formation. Conversely, possible value in longer term view for Bulls. Price has been rejected from the prior Weekly Median as we see an ascending wedge being formed. Point of exhaustion/explosion to play out very soon.
Turns out we had both discovered at the same point in time the pivotal situation the S&P 500 had been in. You had posted your idea leaning bearish on September 27 and I wanted originally to post a bullish leaning idea on September 26, but then studied the market for two more days during which I changed my mind and got also bearish, because the spike higher to 2503 on September 26 was immediately sold back down below 2500. So I was thinking maybe it's really that simply that the S&P 500 declines after they sell the news of the tax reform plans and close the gap. Instead the much more complex idea - that it looks bearish for the vast majority, but will get instead even more bullish (my original idea) - was the correct outcome this time.
cooney_s
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@ChartArt, yes; Equity Indices are always bullish, its just a matter of where do find value to get in long.
jayy
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Interesting idea Coondawg71. I will watch this with interest.
cooney_s
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@jayy, thanks jayy, just a very simplistic manner of weeding out the noise. With the Trump tax plan being an issue now. I'm sure we will see some action.