Friday, September 26, 2014

Sept 26 - Morning update. Still no positions entered

Buy signals issued on 30/60 min SPY but not biting yet.  NYA is also showing positive divergence after a taking a beating this week.  I feel risk to reward it is slightly in favor of bulls on a very short term basis as the market could easily snap back.  Slight chance I take a small long but just as good chance I don't.  On an intermediate time frame, there has been a lot of technical damage so I would tread carefully.  Still lots of potential scenarios in my mind and I am going to wait until the market begins to form one of them.  My ideal scenario (for now) is seeing tired upward movement that can be reshorted.  Until then, I wait.

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