16 Dec 2013

Last Friday I mentioned that I believe that there is more downside due to the corrective pattern made previous days before.  Although todays price moved up, the price in the ES did make a significant low overnight just before the market opened today.  I do not know what this tells us, whether the move is done or if the SPX would catch up to the lows.  But after todays pop, prices started to move sideways again.  Therefore the bias is on an intra-day upside, while our Main and Short term trend remains down.

MT: DOWN
ST: DOWN