TECHNICAL CONSIDERATION
With the NYSE McClellan Summation Index (NYSI)finally turning up, after a prolonged almost 3 month decline, I cannot be short-term bearish. Putting aside all the bad fundamentals and the upcoming (IMHO) global slowdown, which is what I believe the commodity and energy downturn foreshadows, I will play the long side for now.
For a couple of weeks, I have highlighted my favorite technical indicator (NYSI), looking for a bottom. It has now turned up, and further confirmation would be a cross through the 20-EMA. This would identify that a trend has started, rather than a bottom.
SPX 1250 (at time of trend change)
3 years ago • 0 notes