I will only be in for the first 2 hours of the day tomorrow. The 885 level today proved to be the area of resistance for the market as noted yesterday.
In general I think we are winding up for a impulsive move and as most of you who have been following my blog knows it is not a prediction of direction but of the move. If we get a move below 872 area I would be next looking for an impulsive more towards that 851 number and on the upside again 904 should be the upside impulse possibly 911.50 on a extension on the upside.
We are in the summer dull drums reinforced by today's low volume which was tracking at something like 25% the 2 month average which is very low as the last 3 months volume has been light. Now it is very important to watch the next impulse move to see where the volume comes in as I am 100% sure it should be playable as a continuation play of reversal based on the volume.
A lot of stuff going on but aren't being focused on by the press for example talk of additional stimulus needed, that the first stimulus wasn't effective, that companies are still holding off on hiring, housing prices look like they will still be falling and the list goes on.
MARKETJEDI
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment