Wednesday, May 23, 2012

23 May 2012

Today we saw a solid reversal in the indexes off of lows.  Ordinarily this is a bullish phenomenon, but things can always be different.  I currently have very little skin in the game to either direction.

 I don't post this indicator often because it can give the exact opposite signals very close to one another.  This occurs when price is disobeying what the main technical indicators I use are saying.  Generally spikes occur when a movement happens too fast.

 Medium term is still oversold.
 The medium term summation shows its persistent weakness very well.
This spike is what leads to the spike in the contrarian indicator above as this is based solely upon price.  However, many say that price is the best indicator and I agree with that most of the time.  Confidence in turning points go up with this when a low is higher than a previous low.

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