Monday, October 14, 2013

Daily MACD Bullish Cross

It is midnight where I am writing this (In Munich for couple of days) but the markets just closed couple of hours ago, so it feels weird to be writing about the markets at this time. If I lived here, I would actually be awake during market Anyway, the market corrected somewhat early morning in what seemed like it was going to be a "sell off" but instead it turned into a bear trap by quickly turning around and ending at the second highest close ever while the Russell 2000 made an all time high. And if a deal is reached today/tonight then we will probably see the SP500 all time high challenged. The daily MACD has made a bullish cross and the market has gained in 3 days most of what the market had lost in the previous two weeks, so things are looking bullish. I was tempted earlier today to add longs to my short term account but I wanted the market to get closer to the TA so I guess I'll just have to be patient. At least I am already fully invested so I can't really complain.

Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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