Measuring Time Frames with the Triple Play Charts
Monthly
Starting with the longest time frame, the monthly candles are impressive. All bullish engulfing patterns after working off the overbought RSI readings while remaining in solid bull ranges and checking back with the MA Bands. Long term trend remains up with RSI & CFG turning up in bull ranges
Weekly
The weekly level shows just how bad the $IWM has been lagging as it can’t get over the MA Bands and remains in an RSI bear range. The SPY has moved back into the summer range, but hasn’t quite gotten the RSI back above 60 to resume its bull range. Interestingly, $QQQ actually had the most dramatic drop, but never actually shifted to an RSI bear range and closed back over 60 this week. $SPY $IWM still work to do before moving back to bull ranges while $QQQ never left.
Daily
On the Daily view it is clear $QQQ has led by the chart as well as its RSI has moved up the fasted. Both $SPY and $QQQ also hit the Nitrous last week. $IWM has not been able to break over 116 for weeks. It got there on Wednesday, but couldn’t hold it yet. this is not the end of the world with the other two performing so well, but the non-confirmation is one concern. The $IWM not shifting to a RSI bull range is the big drag still on the daily level.
65 minute
This chart shows October broken down into 65 minute candles. This level still shows all three in RSI bull ranges giving a positive skew, but the $IWM continues to oscillate through bull and bear ranges as prices consolidates sideways. So far neither side can take the baton and run with it in small caps. $SPY $QQQ are both in solid RSI bull ranges currently testing 50 after the late week. Fridays close did not look great and could lead to a test of the ranges as well as the MA Bands or we could get a reversal from here which would create some RSI Positive Reversals to consider. Remember, this is the shortest time frame in this study, so it should also take the least precedence, but come Monday morning it will be where the process begins once again to build the next installment.
Good Luck and I hope this helps!
