Over the weekend, I shared this chart with a simple question, "Does this look buyable here?" The idea was to strip it of all indications other than price to evaluate what others would see. If you haven't seen it, take a good look and decide for yourself, "Does it look buyable here?"
All the responses I received all basically said that it should be expected to go lower. I did not receive a single bullish argument for it and that the trend was down.
Now let's put this chart back in its natural habitat…and flip it vertically.
Now if you were sure that the trend was down in the first chart without any news, or indicators, or fear, or greed, the chart in context is actually bullish until proven otherwise. If your evaluation is the same in both charts, you can be sure that emotions are likely getting in the way somewhere.
The point of this post is only to give us a fresh look at the current market and some reflecting points for our own self evaluation, not to argue for direction.
