KCPO - The Bears Are Chewing Up The Bulls -6/18/2012

I was thinking about the possibility of a technical rebound last week but that fast melted away. I went to close off my previous shorts on last Monday but went back in to sell again when prices went below the lower band again on the next day. I am placing my stop at the prior day high plus some.


Both indicators are negative. Since the ADX is way high up at 44's and rises again, I would ignore the Stochastic for the time being. D- is also way above the D+, the bears are strong.





The weekly chart has all the 3 indicators negative. MACD is now below the zero line which I usually use it to determine the bull/bear cycle. The DMI is widening which mean the bears are flexing their muscle. It is an all sells picture.


The  market has failed to fight back above the 3,000 level, it is doing a lot of damage to the longer period chart and confirming the bears have already taken over.