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.
Today's stock market selling could be a sign of a much more to come.
The stock indexes closed mixed as the internal market indexes continue to show negative divergences.
Even a poor jobs report could not keep the stock market down.
The stock market made a huge intraday reversal from a huge gain on Wednesday to close lower.
The stock market finished mixed on Tuesday with the same lack of volume.
The stock indexes finished the month of August at new all-time highs. August volume was one of the lowest in years.
The stock indexes closed mixed on Wednesday with all indexes in extreme overbought territory. Volume set a new YTD low.
This stock market continues to go higher on lower and lower volume. If that is bullish, someone needs their head examined.
The stock indexes will all be extreme overbought on Tuesday if they open higher. I am looking for an intraday turn to the downside.
The stock indexes closed mixed on Friday with the Nasdaq closing higher with an extreme overbought condition. It cannot stay there.
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