Thursday, June 30, 2011

6/30 1:15

There was a data error in my futures data source, which showed a blip to 2323 for NQ futures, but the actual high was 2322 and did not violate my original stop.   The market spiked to a higher level than I thought was necessary to finish the process of neutralizing the oversold condition of the last 2 months, but that's what markets do they go beyond what's necessary.  The rest of the day should be milling around at a high level.  I'll post the Daily as soon as the technical composite is generated.
The short-term timing component plus 8-day lead fell below 10.5 today, indicating yesterday was top day.  However, the technical composite still had not fallen to a +4 to indicate that the technical momentum was used up.  It should do so today.
I'm altering the charting program for the short-term timing display to allow for an input of the number of lead days.  That way the chart as displayed will reflect the 8-day lead aligned directly with prices.

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