FCPO - This Market Is Still Waiting -12/22/2014


 

The market continues to stay "dead" for the past week. Price went above the middle band briefly and then went down below the bottom band, also briefly. The Stochastic also went to touch its 50's signal line for a day and then back off down again. The MACD tried to turn positive but was unable to do so. The DMI continues to be negative with the ADX staying flat at a lowly 14's. Of course the low flat ADX is confirming the current listless state of the market.

There is an interesting item here at the DMI, please take note that the peaks of the D- has been going lower and lower. This is a powerful sign that the sellers have really been getting weaker and weaker. This is adding some points to my earlier held bullish views on this market. 


 

Price continues to get squeezed between the top and bottom band and the band has been tightening. With the ADX staying flat at 23's for the fourth week; the MACD stays positive and continues to climb toward the zero signal line but the Stochastic is negative and falling. All these are confirming the current listless mode.

I continue to stay a bit bullish biased due to the subtle signals but we would need to see a solid buy signal first.