Richard Gobel, owner and operator of Strategic Stock Trade, has more than 30 years of experience in the investment business.
Over the past few years, he has been using technical analysis and algorithms to develop day-to-day trading strategies to make financial decisions.
One of the keys to his success has been seeking out extreme conditions in the action of stocks. Using those extreme set-ups has guided him in initiating long and short positions based on trading algorithms to track extreme set-ups. When a stock is at its most extreme overbought condition, it will be flashing between 99-100 on his Extreme Set-Up scale. And when it is at its most oversold condition, the stock will be flashing between 1-0.
The stock market is setting itself up for quite a fall as the market is extreme overbought on all time frames.
Three of the four major indices closed at all-time highs.
Three out of four stock indexes close at all-time highs.
The Dow Jones Industrial Average fell on Wednesday, but the S&P 500 and Nasdaq were higher.
The equity indices closed mixed on Tuesday on light volume.
Stocks closed to the downside on Monday and are trading in a narrow range.
The S&P 500 finished the trading week at an all-time high, but there are signs that it could soon retreat.
Three of the four major indexes are oversold on a weekly time frame.
The markets threw a head fake at investors, but low volume indicates that prices will decline next week.
Equities closed higher but well off their highs of the day. The indices have given a small sign to get in, but caution is warranted.
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