Bottoms Up!

By: Ed Carlson | Tue, Nov 1, 2016
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Last week's commentary detailed the Hybrid Lindsay forecast for a low near Friday of last week. While the market did trend downward into Friday's close near important support at 2,120, internal indicators show very few signs of an oversold market. In other words, it's tough to make a case for a tradable low here without any confirming indicators.

One reliable indicator for marking highs and lows has been the McClellan Oscillator. A move below its lower Bollinger Band or -150 is usually a good sign that a bottom is (very) close at hand. We haven't seen that yet making me leery of calling a bottom now.

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Ed Carlson

Author: Ed Carlson

Ed Carlson
Seattle Technical Advisors.com

Ed Carlson

Ed Carlson, author of George Lindsay and the Art of Technical Analysis, and his new book, George Lindsay's An Aid to Timing is an independent trader, consultant, and Chartered Market Technician (CMT) based in Seattle. Carlson manages the website Seattle Technical Advisors.com, where he publishes daily and weekly commentary. He spent twenty years as a stockbroker and holds an M.B.A. from Wichita State University.

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