Tuesday, October 23, 2012

Nasdaq 60 min chart market comments

Here's a 60 min chart of the Nasdaq, the tech sector has been much weaker than the Dow and S&P 500 and has been a major concern of ours.  This 60 min chart of the Nasdaq recent broke down from a H&S topping pattern, if this pattern plays out to fruition (potential price target would be the pattern measurement shown via the shaded area), then this market has more downside to go.

Also as a follow up to my RSI 2 post below, none of the RSI 2 systems went long yesterday, however if today ends up being a strong down day, then the RSI 2 systems will go long and take a 1st entry (30%) stake, the system can enter a total of 4 scales ins, 30%, 20%, 20%, 30%.

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