sm chart as of 07 aug 2013
(click on the chart to enlarge)
remarks:
1. sm continued its trip south .. breaching the 850-psychological support and flirting with the 838 previous bottom ... altho it only got to 840 before closing @846 ...
2. the macd histogram went lower ... altho the sts seems to have reached bottom and looks like it's doing an inverse ostrich maneuver ...
3. it is quite interesting to monitor sm the next few days ... a green candle coupled with a higher close tomoro could be indicating that the 838 line wont be breached anytime soon ... im thinking of adding a few sm's should 838 hold ... but on the other hand ... im in no hurry ... will take my time
ref: question and answer: what is the "inverse ostrich pattern" (15 feb 2013)
for an explanation of the indicators ... click: here
for reference .. you may also want to read: my trading rules
