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Stock Barometer Analysis
The barometer remains in Sell Resistance Mode - Friday's action suggested we're going to return to just sell mode.
The
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I have over 100 technical indicators, some that are widely followed and some that are proprietary. These indicators break down the market internals, sentiment and money flow and give us unique insight into the market. I feature at least one here each day in support of our current outlook.
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Summary of Daily Outlook
We remain in Sell Mode, expecting the market to continue lower into 3/10, our next key reversal date.
Of interest is the high level of bearishness on Friday's weakness. This concerns me in that it may provide fuel for a continuation of the advance.
As traders, we have to fight the urge to be right - right now. You can make a correct observation on the market but be early in your call. You also have to understand that you can be outright wrong. That's the trading evaluation. It's slightly different than the application of a system. In a system, there's not much to be decided. However, in trading, it's entirely different.
For example, you can use my indicators however you want. Some 'stock' traders follow the indicators as when to be buying long or selling short. Also note that the larger moves in the market are going to come near the end of the trend - as the sentiment extremes normally bring in all the buys and sellers. But that's also a sign that the trend is ready to turn. Once all have bought, there's no one left.
Of course, the most notable thing about this advance is the liquidity - pushing us to higher levels. One of the first things they teach you as a trader (and I teach in my trading classes) is that a trend can persist a lot longer than your trading capital can hold out. So when you're wrong - it's best to admit that as soon as possible, move out and move on.
As always, if you have any questions or comments, feel free to email me at Jay@stockbarometer.com.
Regards,
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