Taking a breath. I've been looking forward to this morning and have been sitting on my hands for 2 weeks. The stock market has bumped into 50-day M/As for DJI, SPX, and NDX.
I'm now waiting for confirmations of trend change to increase positions. What I'm looking for are:
In the dollar, 16 cents above the 10-minute M/A, which would currently be a signal at 74.95.
DJ futures 10-minute,76-unit minus 38 points. This is 100 points away from the market currently.
NQ futures 15-minute,82-unit minus 10 points. This is also distant from current market.
I'm expecting this market to remain up for the day to allow the daily technical composite to decline to +4 and neutralize the oversold condition of the past 2 months. Consequently I'm not in a big hurry to add to positions until I verify the technical composite after the close.
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