The market penetrated 5350 on Friday which was a short term sell signal. If we had closed the week below this figure then this would have been a medium term sell negative signal (i.e stronger).
One thing we have to be aware of this week is ''thanksgiving'' in the US. This week has a bullish bias (historically), particularly the day following the holiday (so Friday). My focus this week will be on day trading rather than positional trading to avoid another bear trap in this market. I expect there to be good opportunities (for day trading) this week with volatility on the rise. I have been very cautious on positional trading over the last few months and for good reason. We have seen an above average number of false signals to the up side and the downside (on US and European markets) which has cost traders dearly. For now, with volatility still high, the environment still favours short term strategies.
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