Quote:
Originally Posted by lewdog
Up swing rest of week.
I can feel it.
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It's good that you can feel it but I am not sure yet. Today was a good bounce. My favorite days are days that open lower and close higher. That's actually a more healthy type of an up day than one that opens higher goes higher.
That being said we are close to having what they call and outside day and volatility is picking up. Neither are great for the bulls. Volatility is great for active day traders and bears. Lack of volatility is great for investors and bulls.
Now my technical breakdown of things as they stand this minute is we are showing support at the 200 SMA. We bounced off of it Friday and opened below it today bit are now back above it.
We are also holding above the 20 SMA they we are straddling it but that is still good.
The 20 SMA broke above the 200 SMA last Friday despite the sell off and that again is good.
We have been above the 50 SMA since the middle of April and we were looking to test that today but we pretty much went straight up at the open.
The 50 SMA is still below the 200 SMA and many will say until that crosses you are not yet in bullish territory.
Volatility is picking back up which is never good for an uptrend.
Speaking of trend, we have pretty much flattened right after we started to actually show an uptrend just a week ago. Thursday literally blew that up.
If you're a buy the dip kind of person you should be buying here. I personally don't care for the pick up in volatility over the last few days and would like to see things calm down a bit.