thanks for your question. i am a daily based swing trader. i trade the daily chart. i use the monthly and weekly charts for trend direction only. i also use the 4 hour for best entry and exit. if the daily goes into a buy but the weekly and monthly are in a sell, i could fade the daily buy signal and short when the 4 hour goes into a sell even with the daily indictors in a buy. the chart i posted i used mainly lagging momentum indictors (the macd and rsi), what i see is the sp decreasing faster than the lagging momentum indictors are so to me the downward momemtum is slowing. today is the last day of the month. if you look at the chart i posted you will see this is the first month (in the last 4) that the sp has closed above where it open the month. i am also very interested in the sp movement when it breaks out of the trading range you have highlighted. (24.03-21.53) i feel because the monthly down trend is slowing and the weekly indictors are almost in a buy i feel the sp will break out to the upside.
have a good one.
582
NCM Price at posting:
$23.40 Sentiment: None Disclosure: Not Held
