9 Jan 2014

Momentum was weak today for the futures as well as the indexes.  Although we made a push up in the morning, we did not however see a sustained move higher.  What we did end up with throughout the day was a movement looking like a wedging pattern.  This usually follows with a continuation which in this case would be for more downside.  The EW options here would be for an ABC corrective or a more pronounced 1-2-3-4-5 pattern to the downside.  Our MT and ST remains on the uptrend so shorts should be cautious of their positions.

MT: UP
ST: UP