Slope of Hope Blog Posts

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Buy Signals Triggered

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The long setup I was looking at on Friday morning triggered on Friday so the daily lower band ride should be over and I’m looking at upside targets. The main target I’m watching is not an SPX level but the 70 level on the daily RSI 5. The RSI 5 closed on Friday at 47, and I’d expect to see a rally of at absolute minimum to the 50 DMA to make this target. Of the last seventeen of these from the start of 2007, only three retested the lows before making my RSI 5 target at 70, and two failed in the 60 area before going on to new lows. This is a strong buy signal. SPX daily vs RSI 5 & NYMO:

140811 SPX Daily vs NYMO and RSI 5