The long-term stock market trend unquestionably continues to be an upward one. However, there are seasonal and other factors (such as market breadth, etc) that may be pointing towards a potential pause or reversal.
Since no single indicator is fool-proof, a "weight of the evidence" approach is always warranted. Such an approach ideally includes a variety of...
Investors appear to be taking risk off as they move into Utilities. XLU continues to move higher; weekly RSI is approaching 61.8 level. This level provided strong resistance over the past year or so. Therefore, a move past that level would be significant.
Given that is where we are headed (quad 3 or 4), I 'll be looking to build a position here. I'll specifically be looking for a momentum swing on the oscillator as a signal the regime turn is happening, or in fact in.
Remember I was short it and took all my profits
Daily wants to rally stoch up
Weekly not so still heading down has not turned up so with that the daily stoch rally will be weak
unless the weekly turns up, so in terms swing trading is a short still
with a small bounce
daily look lower highs like res short 66