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Stochastics up, short-term MACD up --> BUT--> NO Trade today!!

5 min Emini Nasdaq 100

Hi,

Market is at sort of a crossroad now having a rally for the past month.. It could not keep on going up forever.. So there is this minor correction today..

Price gapped down.. but it immediately made attempts to cover the gap..However, price action there after is mixed at best.. although at around 14:30
we get a signal from stochastics cutting up the oversold line and short-term MACD cutting the signal line, price is below the moving averages and this
is not the right time to go long --> NO TRADE TODAY.

Posted by Michael Taylor on April 15, 2009 5:05 PM |

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