For the week, you're down 0.9%, big deal, it's basically unchanged. But when you come to the daily bar chart, this is where the market has now got a problem up here. The pattern is one of no longer higher lows, higher highs. You now have a higher high that you made right there, and a lowering low in the market and you've gone back to fight at the 18-day average.
Regular viewers here know how often I say, markets like to go back to the line in the sand, the 18-day moving average, to figure out what to do next. On the way up, it was not the Bollinger Band that stopped the market. Yes, it did it here, and I pointed out to you over the weekend that, you know, you can see. Last week, I was saying we did stop in that area...and if the market returns down, maybe it gets there. Well, now you're right to that point. There is no trend that I see and you're working off an overbought condition, actually, It's past tense. With the market down, you've worked off; you're no longer in overbought territory.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.