Tuesday, February 23, 2016

Feb 23 - Finally a pullback but staying flat

Low volume pullback today and the SPY low volume signal/ NYSE extreme buying volume ratio triggered.  I didn't catch this move as I wanted to see how things played out and will stay flat overnight.  Still risk of choppiness in both directions.  Not clear whether this is a trend change or a pullback so I am happy to stay in cash.

Negative divergence finally kicked in

Potential sell signal on daily but also chance that we are starting an overbought condition.
 USO once again rejected by trendline.  I wouldn't be surprised to see chop in short term.

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