My ST has been in a bullish mode since 5/4. Today's clear breakout above 2683 is a confirmation to me that a trending move to the upside has begun.
ST aside, some notable things in the big picture. Investors Intelligence bull/bear ratio was 5 in January. I posted many times here that it was the worst ratio since 1987. Not many paid attention. Now the same Inv Intel bull/bear ratio is in the gutter at 2. If you don't get bullish when it gets to 2, with a bullish price action, then you are likely a perma bear. Also the AAII bulls have collapsed. We have a good sentiment backdrop for nice rally for a few weeks. Let's see how it goes.
I could be wrong, but i think it's time to throw away the oscillators and focus on price trends.
Good trading !
Uh, the NYMO/NYSI turned up on 5/4 also, launching the up trend right then and then.
Today's "confirmation" might be a good time to cash in some of the gains, put in at least a breakeven stop, and ride the rest of the trend until further notice.
On the chart below, a selection of index and sector 3x-leveraged ETFs, the white flag on the lower right is the current profit per $100K in each trade (calculated to also be the percentage gain). The white flag on the left is the locked-in profit from the last NYMO/NYSI buy and sell signal.
Best to trade with the oscillators but definitely not against them.
Good luck and good trading.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."