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7 Things The Charts Are Saying

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Here are 7 things the charts are saying about the current market. Have a great trading day.

 

1. The McClellan Osciallator is in neutral territory having come down from the high 50’s.

 

2. The current percentage of S&P 500 stocks above their 200 day moving average is 82%. This is below the high of 90% reached in July.

 

3. The RSI reading for the S&P 500 is 61.85. I would look to sell bear call spreads if that reading reaches 70.

 

4. The MACD indicator on the S&P500 is getting close to a bearish MACD cross.

5. SPX has traded within a range of 1991 and 2007 since August 2007. That range should break very soon.

6. The New Highs – New Lows Index is at 222, well below the peaks reached in June and July.

7. NDX has the highest RSI reading of the major indexes at 69.20

 

1.

NYMO

2.

SPX 200R

3 – 5.

SPX

6.

USHL

7.

NDX

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Options Trading 101 - The Ultimate Beginners Guide To Options

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