Equities continued to move higher today and I pared back a little by unloading some long positions. Did I sell too early? Maybe, but I've still got some exposure, just not confident in the current risk/reward in the market right now (a combination of earnings release risk and being short term overbought is creating my uncertainty). Here's a daily chart of the S&P 500 with my TLT Trender v2 indicator (the indicator that paints the candles green for uptrend and red for downtrend):
As you can see from the above chart and comments, the Stoch is overbought and the fisher MA is positive but failed to make new highs. One thing to remember is that the fisher ma is lagging, given that it's a moving average, so it might just be gearing up for a move higher...the important thing is that it's positive because a dip below zero is a good indication that the trend is likely over.
Happy trading.
TLT
As you can see from the above chart and comments, the Stoch is overbought and the fisher MA is positive but failed to make new highs. One thing to remember is that the fisher ma is lagging, given that it's a moving average, so it might just be gearing up for a move higher...the important thing is that it's positive because a dip below zero is a good indication that the trend is likely over.
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