the shorter term MAs found their support from the top down to the 40DMA while closing near 1167.
so i see a top kiss for the shorter term MAs and and a back kiss for the RUT Price itself which had slipped into a whole last week.
technically todays bounce did not benefited the RUT as much (still on a daily sell signal) ..as it did the DOW..followed by the NDX the SPX and the EEM, and most could hold again tomorrow.
the EEM actually looks overbought and like gold.. may need a rest tomorrow .
with YELLEN speaking tomorrow (not positive on this) markets shouldnt need to look for the typical REPO support which usually comes from behind the scenes as it has for years prior when uncle Ben was speaking.
Gold took the needed rest mentioned and expected last thursday/friday ....but that rest may not last for more than a week as the XAU and the Miners remain in their Extreme Bullish Territory to
move higher. a breakdown from Extreme Bullishness Territory thru to Bearish trend territory would then give a continuation signal to the current Xau 60min sell signal (for now and playable with a partial position in Dust)
until it comes off. i expect that the XAU will remain inside its Bullish Territory thru this 60mins sell signal so looking to short first and then flipping for a bounce is one strategy for the week..
while at this time also holding RUT shorts
im not sure if many traders who were not already long over the weekend had much time or price action to get long today and profit ...but maybe tomorrow if the markets are told to like what Yellen is saying.
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oh and one more thing from this mornings action .. the repair to the BPSPX intraday chart was significant, but mid day it was still looking like a back kiss... so markets will need another strong
day tomorrow to overcome this technical disadvantage.
ill update the MoMo tonight but in its position from the close last week it may be a challenge for it to have improved much on today action . that said ill still be watching it closely to signal
a Market Surprise while its with in this Extreme Bearish Zone.
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Trade Well Traders.
