Monday, March 4, 2013

03/04/13: still looking for 1560 this week. neckline break?

Markets were choppy in early/noon trading but ultimately bulls won and finished an hourly close above 1525.  This was the best daily/hourly close since Feb 19/20.  It also sets up a possible continuation of this IHS that I and many other traders have been tracking during this entire mini-correction.

I don't have much else to say other than OBV is still at elevated levels relative to its level at 1530.  This still indicates to me that we will most likely see a new high above 1530.

There is a possible fib trend change on TD 3/8 which could signal the beginning of a downtrend.  However, all moving averages are still pointing up and the hourly has survived a possible 50/200 cross.


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