The PikerIndicator is a proprietary indicator that gives “Buy” and “Sell” signals based on various market metrics. The last signal was 3/24 to Buy, and it gave an “Overbought”/Warning sign on 4/6. Taking profits during this overbought condition was a good trade.
Now the market has worked off the overbought condition and based on the current level of the PikerIndicator it remains Neutral, but looking bearish. The 45 level is neutral for this indicator a break below it would be bearish, a bounce off it would signal some additional buying in the market and one should remain long. But in addition to the PikerIndicator sitting on a fence, a “sell” signal is almost being generated as the two moving averages are nearing a cross, this would coincide with the drop below the 45 level.
Combining this indicator with Technical Analysis gives a strong edge. For instance, one could use the key 1319 support level in conjunct with the PikerIndicator.
