Sunday, January 11, 2009
Let's Start this week off on the RIGHT FOOT
8:33 PM central time and the moose has yet to update. Maybe his program is as undecided as the 34 day trading band that I see on the daily chart. Three weeks ago we started to see the stochRSI begin to tell us that a correction was about to occur. The stochastic oscillator showed the TLT to be very overbought technically about the same time. The ADX tells us the trend has began to weaken. The thing about this chart daily chart that I'll be watching is who will win out in this "no trade band" 34 day exponential hi-lo band that we now reside. This is a battle ground area that will lead to a very chopping market. If we take a look at the weekly chart it tells us we could very well test the $110 support of the 10ema or the gap area of $105...........The sharp sell off we've witnessed in the TLT benefited the Muni-Bond ETF's. Some easy money was made for those quick to the draw. For me, Monday will be a very boring day, I think I'll clean out the garage, But with one eye on the charts. I'll look for direction on a couple of trades Tuesday and Wednesday, but nothing for Monday. Be sure to hit the links in this post to study up on some technical indicators that I've applied to the daily MooseCharts.
Thanks for stopping by the RedDirtTrader Blog.
Subscribe to Posts [Atom]
Subscribe in a reader
