Clearly_Irrational wrote:GingerU wrote:I'm curious also about this freefall today. I had planned to buy some ETFs today (ITOT and AGG) but seeing the declines I'm wondering if I should wait to see if things go lower. I'm not a fan of timing the market as I have learned thru this forum but would it be reckless for me to invest now?
You're wasting your time for the most part. The results from picking one day over the other are fairly small for any sort of regular contribution. I know how and I still don't bother, pick a regular schedule and stick with it, the statistics will work in your favor over the long run. That said, if you insist on trying then here is my forecast:
1) Signals are weak, forecasting accuracy will be mediocre
2) RSI is low but not oversold
3) Bollinger bands are widening and the price move is not yet touching the bottom boundary
4) No 50/200 SMA cross
5) Japanese candlesticks suggest a weakening trend
6) Volume is rising
7) MACD Divergence is widening
8) Chaikin Money Flow is negative and still trending downwards
9) No new P&F pattern, target is still bullish
10) Resistance level at 1972 on the S&P 500
The highest probability is to wait a bit, we're probably not done with the current pullback. Later this week is likely the optimum time, perhaps Friday or thereabouts.
Like someone here said before, "I like it when you talk dirty"
But seriously 9th is my DCA date.