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Is buying going to come back into the market soon?
I analyze three indexes in multiple time frames to guide my trade entrance and exits. Those indexes are the IIX, NDX, OEX. My theory is that the IIX and NDX lead the broader market. The OEX is pretty much in lockstep with the SPX and I often trade options on this index (mostly I trade stocks). As for time frames, I focus on hourly, daily and weekly data. For a Long entry, I look for the hourly indicators to be UP, the daily indicators DOWN, and the weekly indicators UP. My indicators are simple, a mixture of moving averages and oscillators.
Right now my indicators are: DOWN, DOWN, DOWN and have been since the close of 7/29/99. However,by my calculation, we are at support levels as of Wedneday's close . Also, Friday is a Gann Square Date. So, looks to me as if we are at a juncture here. Will be interesting.
Steve
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