Surprisingly, the chart is closer to a buy than a sell.
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Found a neat little chart that measures the amount of 'fear' words in common media and it's relationship to the Nasdaq. As one would guess, it's better to buy when there's fear than fearlessness.
http://www.marketpsych.com/mkt_analysis.phpThe MarketPsych Fear Index shows a 10-day exponential moving average of the percentage of "Fear" words in the U.S. financial news displayed over a candlestick chart of the Nasdaq 100 (QQQQ).
Surprisingly, the chart is closer to a buy than a sell.
New link: Market Psychology Money and Investing Personality Tests
my weekly charts are lining up in a way that's saying buy opportunity possible next week, but I think we have another day or 2 down before a bounce.
Interesting. Are you using April highs as support/buy level?
I'm looking for a buy opportunity a little lower- around May 2011's high. That would be around a 10% decline from the recent high.
I usually look at chart patterns & use oscillator readings as confirmation when swings are likely. Weekly chart on the russell 2000 is near oversold on the ultimate oscillator, whenever it hits the 30 level it's usually when a bounce happens. I look for buy opportunities when the market is oversold
the daily and 15 minute charts are telling me we can see lower monday. from there, who knows haha.
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
In all seriousness, it didn't take much of the needle in the green to hammer stocks last week.
Markets were barely saved from a weekly bearish engulfing candle on Friday with powerful buying power stepping in. Sentiment really shot up after the technical breakouts of 200 dma and SPX 3,000 level. Looking for some cooling in the markets ahead.
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