Sunday, October 15, 2017

Indices Are Overbought, A Pullback Is Coming

SGS  Market Timer Status:   LONG 
LONG as of the close of September 8, 2017
SGS is a Long-Term (weeks to months) Timer

SGS declined all week, except for Friday.  Indices are overbought and chances of a pullback are high.

Again, Q3 Earnings and outlook set the path forward for the rest of the year.  Barring any major surprises, indices very likely continue their move substantially higher.  Pullbacks from overbought condition should be bought.

My Plan

I'm still waiting for an opportunity to open my first (in SPY) long position of three.  Hopefully, this coming week.


SPX: S&P 500 Index    SMA: Simple Moving Average
DJI: Dow Jones Industrial Index    EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index    PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index    PUL: Primary Uptrend Line
RUT: Russell 2000 Index    ASL: Active Support Line
OEX: S&P 100 Index    ARL: Active Resistance Line
NDX: NASDAQ 100 Index    DTL: Dynamic Trend Line   
TUL: Tentative Uptrend Line   TDL: Tentative Downtrend Line
TLR: Trend Line Resistance   TLS: Trend Line Support

Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.