POSITIONS: 9 LONGS, 7 SHORTS @Hedgeye
The immediate-term TRADE overbought signal I issued on Friday was based on a signal for lower-highs. This morning’s price/volume/volatility data is giving me another lower high.
Across our core risk management durations, here are the lines that matter to me most:
- Immediate-term TRADE overbought = 1474
- Immediate-term TRADE support = 1464
- Intermediate-term TREND support = 1421
In other words, Mr. Market doesn’t seem too excited about shooting above the intraday high of Bernanke’s Top (SEP 14, 2012 = 1474) and staying there. At least not yet. And with a lot of people forced to chase last week’s highs, I think that matters.
Keith R. McCullough
Chief Executive Officer