StockFetcher Forums · General Discussion · COMPX AND OVERSOLD / OVERBOUGHT INDICATORS<< >>Post Follow-up
corsino
259 posts
msg #35607
Ignore corsino
4/14/2005 12:09:55 PM

This question wouldn't apply to day-traders,but does any swing trader time his trades to the status of the COMPX or any other major average ? It seems that the COMPX, for example, goes into oversold or overbought territory about once a month. Since the market has a strong influence on individual stocks, it would seem beneficial to consider it,
Right now, the COMPX is approaching an oversold condition on RSI (2), %R (10) and Stoch (5, 3, 3), but may drop some more.


jclaffee
81 posts
msg #35610
Ignore jclaffee
4/14/2005 3:18:52 PM

corsino,

I guess I fit the swing trader mold: I do not time my trades according to the OBOS condition of the averages but I do keep a close watch on them as an indication of the mindset of the trading public. I chart the NYSE Composite and the NASDAQ Composite every day along with the TRIN, the (New Highs-New Lows)
and the (Advancers - Decliners) for each. Mainly, I am looking for guidance as to whether I should be active on the long or short front. I'm disappointed today to see that the COMP has blown south past the lows of 3-28 -- I was hoping that this level would provide support -- I am of a "long" disposition, I guess. COMP has been sick for quite a while, though. Looks like next potential support level is about 1925 - 1930.

Jim


corsino
259 posts
msg #35612
Ignore corsino
4/14/2005 5:26:24 PM

Hi Jim
Yes,if I were a market technician ( which I'm not),I might say that the Dow has, or is about to break, a six-month head-and-shoulders pattern to the downside.Hopefully,conditions might improve next week.


StockFetcher Forums · General Discussion · COMPX AND OVERSOLD / OVERBOUGHT INDICATORS<< >>Post Follow-up

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