Tripling Down

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Tripling Down

There are different ways to approach market analysis. I utilize a top down approach.  Those who follow me know I post the TP (Triple Play) charts daily.  This shot shows an RSI chart of $SPY $IWM $QQQ .  Lets take a quick look at the Triple Play charts I posted putting three levels together for review.

First the Monthly Triple Play chart shows some long tails, but all posted gains for the months with the Indicators pointing higher supporting more with RSI in a bull range at or above 60.

Moving down to the weekly we are still sporting RSI bull ranges, but the charts pulling back after a strong run.

Finally, we can see even with the Weekly charts soft, the daily charts have quickly reached oversold territory on the CFG (bottom window) while the RSI is holding 40.

So, all three levels remain in RSI bull ranges with the shortest time period oversold.  We certainly could see lower prices in the short term, but with this set up it has be looking for a reversal back higher sooner rather than later.

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(All market data above are derived from Stockcharts.com, Esignal, and Reutersdatalink)

The information set forth herein was obtained from sources which we believe to be reliable, but we do not guarantee its accuracy.  Neither the information, nor any opinion expressed constitutes a solicitation by us of the purchase or sale of any securities or commodities.  I or my affiliates may hold positions or other interests in securities mentioned in the blog.  Full Disclaimer
There is no guarantee that the views expressed in this communication will become reality. Investing in the stock market involves risk and potential loss of principal.  Investment strategies should be thoroughly researched and understood before implementing and none of this should be construed as a recommendation.

About Author

Tommy

is a Chartered Market Technician (CMT) and Certified Financial Planner (CFPr) in Greensboro Georgia (Outside Atlanta). Founding partner of Barber Lackey Financial Group, LLC, a Registered Investment Advisor. However, this blog is not affiliated with BLFG and does not make recommendations to buy sell or hold any securities.

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