Trading on the Edge

Market trend:

Market Watch:

Yet again the bears tried and failed. After initial gap-down and downward pressure, the market bounced back to close on the higher side. All in all we can’t initiate new long entries with this amount of overbought nature of the market. Yes, markets can remain overbought forever. Well, not for ever but you get the idea. This is making me itchy and restless, but hey, I am not going to initiate new entries till I see a decent pullback.

SPX: SPX closed towards the upper part of the daily range, second day in a row. Bears are trying but to no avail. We can only wait to initiate new entries

COMPQ: NASDAQ’s technical picture is getting better and better. It made new highs today and we can see higher lows in the past price action. Now a pullback and a lower high will do the trick and establish the uptrend in my book. For now, I will still keep it as choppy market. But just about J