Monday, January 24, 2011
The markets rallied today so there was no downside follow-through for the MACD sell signal. We are waiting for a break of Friday's low, preferably with a close below it to confirm the signal. Also if tomorrow's range stays above Friday's low (without a new rally high), it would for a perfect chaos theory fractal sell pivot. It may be Wednesday before we see confirmation, and by then of course, we have the end of the month-first of the month positive bias. This top building process may last into the middle of next week.
Posted by Trader Craig at 8:11 PM