Mid-week market update: Traders who rely on technical signals use two main kinds of trading systems. They either rely on trends or counter-trend signals. Trending systems capitalizes on spotting a bandwagon and jumping on it before the crowd to ride it to profit. By contrast, counter-trends systems depend on finding market extremes and positioning for the pending reversal.
The market is currently strongly trending and staged important breakout to new highs. However, it is also stretched on a number of measures and this condition is occurring in a number of asset classes. An inter-market analysis suggests that the markets are poised to either pause or correct their strong moves.
Let me show you a couple of examples.
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