WALL STREET CRAPS STOCK MARKET STRATEGY FEBRUARY 10, 2019
STOCK MARKET STRATEGY FOR FEBRUARY 10, 2019: The stock market showed some downside action with a turnaround near the close of Friday. Two of the internal oscillators are in “oversold” territory and may suggest that the downside pressure should subside near-term. But the other internal indicators (new choices to reflect other perspectives of the market) suggest that this is all short-term action that needs more time to set up properly for a stronger move in either direction.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 21 (oversold)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 30 (oversold)
- Risk On/Risk Off – Ultimate Indicator – 49 (neutral)
- Volatility Indicator – Ultimate Indicator – 66 (neutral)
- S&P 100 % Above 200-Day Moving Average – Ultimate Indicator – 62 (neutral)
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THE BOTTOM LINE: The market may have hit a very short-term bottom on Friday but any major moves will require more time to set up properly. This may be a good time to step aside and let time create a better opportunity to trade.
