Looking For Pullback
As I mentioned I have a buy signal on the U.S. Equity markets. With the markets overbought on the daily time frames I am looking for a few days for the markets to pullback and set up again. If I was a long term investor I would be looking to lighten up on these rallies even if we get above 18000. I see 4 gaps on the daily charts that I think will get filled in early 2015. There is a gap on the SPY down to 187.58 that 21 points from here, that should bring the market down to 16100 area. Oil today was up over 2 again I have a buy signal on the daily charts on oil. I see oil in a range and was hoping for a better set up for a long portion on oil stocks but the decline in the last few days did not amount to much. Oil needs to hold above the 45.92 area or else the trend reverse down. Gold is still negative in my daily charts and looking for a bounce on the daily charts to set up a shorting pattern.