S/T Buy Signal at 2375, but…

An S/T BUY Signal triggered in early trade at 2375, but weakened by the pop and drop at the descending resistance line, followed by a Buy it back push into the close. Also characteristic chopshop behaviour that seems to occur when the market is within the mid-channel area.

A clean exit from the short term descending trend would have been more favorable to the buy signal, and the T volume oscillator requires further follow through to establish the new small possible T structure.

Chart of S&P 500 for 13 March 2017

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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.

 

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