Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
Friday's action started off lower then ended with a pop to the upside. The early and mid-day action brought the 4 hr Slow Stochastic down a bit.. enough for bulls to jump back in apparently. We may be seeing the start of another brief push to the upside after a sideways consolidation period. The RumWave would support another move up for a short time (something like the next 3-5 business days). Ultimately, I am on the sidelines for whatever happens until we get the definite sell signal. Then I'll position the UltraWave for a downward move.
Of note for the daily scores (above), I re-baselined the color scheme for the RumWave scores. So, now the scores are not as red. The maximum score I assigned it was 450. The highest score I've seen was 500. This will give me a little red-flag warning before the all-time high score is reached just in case it doesn't make it that high.
The 4 hr chart is showing a little strength, particularly on the RSI with a higher low. We also see an uptick in the %B and TrendQuality.
The daily chart (above) was relatively un-phased by Friday's action. No real changes to speak of.
GOOD LUCK NEXT WEEK!