On 07.29.12, In Trading Diary, by Strongerhead
Weekly chart of the Dow and S$P remains on an uptrend. Prices is near upper channel zone.
Daily Chart of the Dow and S$P is currently at:
– top end of channel
– MACDH experiencing lower lows with price having higher high
– RSI is in overbought zone
Fear (VIX) weekly & daily both on down trend.
Mid term strategic direction: Ride the trend or stand aside.
Short terms tactical moves: Prepare for pull backs, when VIX hits support ($15-16), DOW (13,200) and S$P (1400) meets resistance.
