2 Attachment(s)
After the Fedapple Day - April 26, 2012
IWM regained its 20-day moving average for the first time since early April and is poised to test the 50-day moving average (81.61) bordering the upper border of the consolidation as we commented yesterday. The robot stop (81.63) is now just above the 50 dma.
We’ll see if IWM has enough power to break out of the consolidation. The robot is still finding enough edges to enter a secondary short position today at a limit of 81.27. The multi-pivot clusters are displaying perfect symmetry and are neutral.
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The GDX EOD Model is still short but the robot found no edges for entering a position today and it will stay in cash.
The RT model turned to a long mode and is protected by the average MF –porosity level.
If it trades above 0% + porosity intraday, the new protection level will be 0% - porosity.
Porosity for today is 0.137%.
GDX is in an attempt to decisively break its downside resistance trendline from end of February and it may be at a key turning point from a trend perspective. That’s what had been missing from all previous failed buy signals. If the EOD model turns long at the close with a confirmed break above the trendline, it could become a very powerful buy signal. Support clusters are massively stronger than resistance clusters with a total strength ratio of 32:10.
Billy
