Looking at the daily chart you can see the market in a strong trend with ADX at 45 and a large increasing DI Differential. Market is in deep oversold territory and MACD is bullish. Watch for a correction back above 17.00 and a move down to test 16.50. Need to see a close below 16.80 first. See how the market dropped below 20 the week of Oct. 22, 2012 and never looked back.
Click to enlarge.
On the weekly chart ADX reflects a strong trend and in deep oversold territory.
Have a prosperous trading week.
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