Phantasmix Stock Market Blog

Here’s the $BKX chart, the bank index. (The same is happening with (XLF: 14.735 0.00%) so I won’t post both.) There are some oscillator-price divergences and heavy resistance overhead.

Click charts to enlarge

McClellan Oscillator

Short- to intermediate-term momentum breadth indicator. The McClellan Oscillator fluctuates between an oversold level below -100 and overbought territory above 100. Short-term buy and sell signals are given when it crosses above or below its zero (flat) line.

$BKX – Bank Index

Of course, everyone’s looking forward to May 4th to see what happens with the banks. Still, a chart is a chart

I’m Ursa Minor at the moment and if there’s a pop in the morning, I’ll go full bear.

Here are some charts to back up my stance.

Click to enlarge

Summation Index

Heading south

New Lows

As you see, it usually reverts to the mean. This chart is for NASDAQ; NYLOW looks about the same.

BKX – Bank Index

Overbought. You might think that the banks were very oversold, but what has changed to warrant further advances? Nothing. I say this is enough. Technical pressure relief played out.

$US – US Dollar

Dollar looks like it may try getting above resistance? Not sure, the candle is black, so maybe it’ll revisit the support area first.

Sleeping Bear

Join me? Or are you a bull?

Have a profitable day!