Tuesday, August 25, 2009
08/25/2009 Top Forming
Today I zoomed things out a little to show you this top forming. I stick by my call from yesterday: The top is in, and we need a pullback to 1016 or lower. Here is what I'm seeing.
Longer Term Divergence going back to 08/21
Shorter Term weakness in the SMI's
Both the long and short term Double MA's going red
Fisher showing weakness and unable to get above -0- line
I also drew out how I imagine the indicators to look when price rolls over. I'm sorry I don't have any fancy chart drawing software other than what came with Ninja Trader. I think you get the idea though. I'm still short the ES