The good news: 1) If Friday's candle is a legitimate hammer, today's candle confirmed it. 2) The SPX is inside the 2620 to 2690 range. 3) Volatility is falling, so confidence is getting restored. 4) The MFC Near-Term line is creating higher highs and higher lows.
The not so good news: 1) The FastK line is fairly flat after today's move. I'd like to see it rise above 75 on a strong market move, but, if nothing else, get at least get above 50 before I put on a smiley face. I see confidence building, but still see concern based on the Stochastic. This one piece of not so good news is worrisome to me.
Let's keep our eyes on the chart this week. If the FastK line rises higher it will be a higher high, so this could convince me!
Craig
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2 comments:
So far it is an inside day, not much going on.. Fast K line still under 50...
Thank you Craig to alert us to watch those levels.
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