Sorry about the late post, I have a standing commitment every Tuesday night, this one ran a bit longer than normal. I’ll update the table tomorrow, it’s getting late and there are a number of changes today. But the charts below show the confirmed signals and a new SELL/SHORT alert for Real Estate.
Even with the weakness in the Alphahorn Swing System, the universal bearishness and the Hindenburg Omen confirmation, there is evidence to believe the bottom or at least an immediate term bottom is close at hand. Both the 30 min chart, which I showed earlier today and which correctly predicted an imminent bounce, and the NYMO are indicating it is time for at least an short rally. However, there is room on both charts for another push down first; this may or may not occur. First, the NYMO has closed below 2 of the 3 barriers I follow for it, and this does included its Bollinger Band. However it has yet to close under the top of the 3 barriers I show, and it typically closes under 3 if it closes under 2. Next, the 30 min chart has reached oversold levels, and while it might dip back down to test the oversold lines, it should soon recharge itself as the SPX finds relief from the selling. The key question is, will there be another low after this coming bounce? The charts should give us some idea of that in the days to come. Until tomorrow, good luck.