Some folks are trying to suggest that traders should start looking at sector rotation about now because some of the mainstays appear ready to drop. I just spent some quality time with the SPDRs (Standard and Poors Depository Receipts) or the market ETFs. If you don't have a Candle-glance setup with the 9 SPDR charts on it along with some indicator such as slow stochastics you are probably not worried about tomorrow. You're lucky - but I am.
Here are a couple of charts that I've annotated so you can get the drift of the post -
I'll give you a hint - one set of candles indicate a market that is on the way up - the other set indicate a market that is not.
We will be hard pressed to move higher from here without a long overdue correction. The fact of the matter is that all 9 SPDR charts look exactly the same - way overbought in every regard.
1 comment:
Its always a good idea to keep moving.
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