Stock Market Technical Indicators & Analysis
I have written that one way to play a possible bottom in oil is to buy the 3X leveraged bullish oil ETF, UTWI. On Wednesday, UWTI rose 10.71% on unusually high trading volume. Check out the daily chart for UWTI. Is this the beginning of a bottom? With so many media pundits rushing to lower their estimates for the price of oil, it may be in bottom territory. (Click on chart to enlarge.)
GMI remains on a sell signal. Things are looking quite weak to me. Time for me to be in cash or short.
IBD has called the market back in an up-trend. Another up day could turn the GMI to a Buy signal. I have rarely seen such volatility. I did say that more than one half of QQQ short term down-trends have lasted under 10 days. This daily chart shows the recent GMI signals (by the arrows).
I remain a little skeptical of whether this bounce will hold.