Although we closed higher Thursday, it was another downtrending day for the cash S&P500. While we continue to wait for final confirmation that the zigzag pattern is complete I want to point out another important technical point. Yesterday we discussed the sell signal on the daily chart. That signal came at an RSI value of 64. Connie Brown teaches that bear market rallies show resistance at this level.Friday, 9 May 2008
RSI Confirming Bear Market Rally?
Although we closed higher Thursday, it was another downtrending day for the cash S&P500. While we continue to wait for final confirmation that the zigzag pattern is complete I want to point out another important technical point. Yesterday we discussed the sell signal on the daily chart. That signal came at an RSI value of 64. Connie Brown teaches that bear market rallies show resistance at this level.
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