Tuesday, April 22, 2014

Approaching Overbought...4.22.14

Another green day although we had a significant fade down into the close.  And, looking at the TrendX chart in the side panel, overbought levels are fast approaching.  This cautionary note is reinforced by the position of the M3 short term ALERT.  The last time a STOP fired was April 3rd...right on target for the M3 downturn.
XLE was actually in the red for a while today although the bears are going to have a tough fight on this one if the attached article is any indication.