Impressive rally, but not good for technicals
Wow, what a strong push at the end of the day. Unfortunately, it may have been the worst thing for the short term market. It sounds counter intuitive, but such an abrupt climb caused some extreme oversold signals on the very short term charts. Below is the 15 Minute DJIA chart. The %B is 137%. That is just crazy. I can't say I've ever seen it that high, and I've certainly never seen it not pull back from such levels. The slow stochastic is also ridiculously high and needs to come down. So, to recap, we closed the day lower and are due for an intraday style pull back... not so good.
On the score chart the Daily score hasn't changed much at all. The 4 hr climbed a bit and the RumWave score continued it's ascent... on a lower close. Another bad sign.
The 4 Hr and Daily charts are below. Neither make a strong enough case for me to get out of my 3x inverse DJIA ETF.
ENJOY YOUR FRIDAY!