Big sell-off today. Take a look at some charts that I find interesting and perhaps telling.
Double-top on the Russell2000 (confirmation looks to be a close below Oct. 2's closing price).
Nasdaq Composite index approaching a long-term trendline, with the most recent high being on lower momentum.
I mentioned in a previous post the potential importance of 10,000 on the DJIA as a pivot level. Today, however, we sliced right through it:
GS broke down from a long-term trendline, while it approaches both the 50-MA and an intermediate term trendline.While XLF broke out of the trendline. It did so once before and snapped back, but be on guard.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.