The first days of the new year hasn't being easy for us bullish advocate. The market once again used it's bearish wake up call to remind us all that rallies don't last forever and what goes up must come down. As my trades are managed by the system, I believe my inner conflicts diminish as opposed to the average discretionary trader when it comes to close a losing position.
Looking at the chart above we can see two consecutive days were the Nasdaq made new highs. The RSI indicator's current value is 36 and is leaning to the positive direction.
The Twiggs Money Flow indicator also appears to change it's momentum direction after eight consecutive days and is heading up.
Looking at the price graph we can see Tuesday and Wednesday touched the red support line which was tested before in mid August and early in April of last year.
Lets hope that today's behavior will be the same as the last couple of days.
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