Note to anonymous and anonymous from the comments section
Two things that make me believe the action over the past two days is improving the situation is the Index and momentum action. The comparison is to the attempt at a rally a week or so back.
First the price action. If you look at the action a week and a half ago the three days of upside basically went nowhere even if the closing prices continued higher. The body of the candlesticks for the first two days in the earlier attempt DID NOT exceed the body of the last down day. Even the third day body was basically within that down day body. This time these first two days show the body of the candlesticks moving decisively higher.
As for momentum you need to go to some more aggressive indicators to see the strength of the daily moves. Using a very aggressive Stochastic Oscillator (more aggressive than the one I normally show) the two days of advance this time were totally stronger than the three days of activity a week earlier.
Note that the short and intermediate term ratings have not yet changed. However, if one was a day trader or a very short term trader one might be taking a risk at this time BUT nothing is 100% perfect so always expect surprises.
First the price action. If you look at the action a week and a half ago the three days of upside basically went nowhere even if the closing prices continued higher. The body of the candlesticks for the first two days in the earlier attempt DID NOT exceed the body of the last down day. Even the third day body was basically within that down day body. This time these first two days show the body of the candlesticks moving decisively higher.
As for momentum you need to go to some more aggressive indicators to see the strength of the daily moves. Using a very aggressive Stochastic Oscillator (more aggressive than the one I normally show) the two days of advance this time were totally stronger than the three days of activity a week earlier.
Note that the short and intermediate term ratings have not yet changed. However, if one was a day trader or a very short term trader one might be taking a risk at this time BUT nothing is 100% perfect so always expect surprises.
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