You are currently browsing the The MPT Rating weblog archives for the day 16. June 2008.
16. June 2008 by admin.
Monday,
The markets close in split fashion but opposite their respective strength in my opinion…
The DJIA; closed down 38 points but formed a hammer support signal which will likely lead to further upside, and after the projected pullback had been reached last week reducing the short-term overbought conditions on the chart, this market has become oversold and in need of a bounce higher… The RSI is currently at 42.
The NASDAQ; closed up 20 points for the day with a continuation signal for today’s candlestick, and thus I would anticipate the market will likely try to advance higher tomorrow… As mentioned Friday, we can see a bounce and a good one if we have enough bullish sentiment in the market, but the bottom line for the NASDAQ (in my opinion) is a short leash rally as the gaps on the chart have still yet to be filled… The RSI Indicator is currently at 51.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market came in at (03) and this bearish indicator confirms smart money is being patient in this market, and maintaining their buying to select securities. We see opportunities but the best buy points are not in the rallies, but the pullbacks.
As always I recommend investors and traders, be smart, patient, and ever successful.
Posted in Daily MPT Ratings | No Comments »