by Mr. BachNut » Wed Nov 15, 2017 11:12 am
Mr. BachNut strolling in with a post.
NYMO has been in a decline since September 1 while price has marched relentlessly higher until the last few days.
All models are wrong, but some are useful.
I have not posted NYMO for a while because it has been absurd.
Today is noteworthy however, because NYMO has reached the Turn zone.
The oversold zone is still a ways below, but it is fair to start looking for a turn up in the days ahead.
It would not surprise me to see a bounce followed by a lower low tag of the middle keltner with a positive NYMO divergence at some point.
Some key down gap targets are being hit this morning. We now have additional targets above and below.
I have been short the Russell 2000 for a while having scaled out and with just a runner on now.
I missed an SPX short entry Monday night that would have scaled back this morning.
Next trade could be long or re-loading short a bounce.
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