Thursday, June 30, 2011

Daily DMI on green

Weekly DMI still on red but not by much. However, yesterday daily DMI has turned positive.

Beware of the resistance around the downtrend line, around 1325 according to daily chart and 1322 on two hours chart.

Remember I switched to two hours chart a while ago since hourly chart gave me too many false signals. Most likely I am going to back to hourly chart for intermediate time frame signals but for now I am listening to EMa 25-EMA 50 crossing on two hours chart. These EMAs gave a bullish crossing yesterday at the same time with daily DMI turning positive. Market also above SMa 50. However, EMA 32-EMA 64 on daily chart still gives a bearish crossing and SMA 50 may still cross SMa 200 giving the so called "death cross". So, on longer time frames the bears are not done yet!

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