FCPO - It Is Going Nowhere  - 11/24/2014

 

The market has not been going anyway for the past one week and price is stuck between the top and bottom band. My stop was hit again when price went above 2245.  The MACD is negative and continues to fall but the Stochastic has just turned positive. The DMI is still wriggling like a worm with the ADX falling to a lowly 14's. The price within the band, contradicting indicators , low and falling ADX and wiggling DMI all are telling us that the market is going listless.


 

The weekly chart's MACD and Stochastic continues to rise without getting a correspondence response from the prices. This is usually a bad omen for the buyers. But we did not get a confirmation for the previous week's Tombstone Doji. The DMI is negative but both D+ and D- has been hugging together like lovers. The Bolliger Band seems to be tightening. These are  signs that the market is in a side way mode. As the Stochastic may be going into the overbought zone in the coming week, so I would expect a new sell signal next.

The market continues to be caught in a side way mode. Some traders may want to sit out for a while before the next more solid buy/sell signal.