The SPX has been pressured all day to the downside even when it tried to rally. Todays closing prices does not bodes well for the bulls as it confirms our Main-Trend to the downside. The EW patterns are hard to read, therefore its better to just leave it out of the analysis until it clears up. There are a bunch of reactionary days next week and if prices can't push to new highs then we could consider more downside action to come. Markets will never reveal the hard turn, and its moments like this that keeps you confused. This is why you should follow strategies that has worked for you in the past.
Our intra-day trigger yesterday for a sell was still active today, but because of the volatility and ranging prices it would be hard to get an accurate reading, so it was best just to step aside and let the congestion clear up first.
Main-Trend: DOWN (Confirmed)
Short-Term: DOWN
Didn't you mean to say that it doesn't "bode well for the bulls"?
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Thanks Chris.. Updated.
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