Futures are down this morning which means the downtrend from last week will now fully resume after the short break yesterday. Considering what happened yesterday, I will still keep an eye for the bulls to try and bounce it back by 10:15am-10:30am. Either way it will be an interesting day to watch.
I will be watching the charts closely, to see if we are indeed reaching new lows at this would be the clear sign that we are still in serious long-term downtrend and not out of it yet.
from <http://money.cnn.com/data/premarket/index.html>
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Intermediate
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Short-term
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Dow
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Sideways
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Sideways
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NASDAQ
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Sideways
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Sideways
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S&P
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Sideways
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Sideways
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Overall a positive behavior of the down. The bulls showed resilience and nobody gave up. The bears clearly lacked conviction and could not keep the market down. The daily chart formed a clear hammer but on very low volume. This should rebound back up but a lot of people are on the sidelines waiting for something more serious.
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The 15-minute chart shows the range bound trading for the day. Market opened down but we saw a clear bounce back midday. Things dwindled down again but the bull came back last hour of trading. Both rebounds show more buying volume then volume on the selling periods. The bulls look a little more serious.
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The NASDAQ is also down outside the triangle I was tracking last couple of weeks.
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The 15-minute chart is similar to the Dow chart. Range trading a little on the down side. Because the up spikes have strong volume, I will consider the short-term sideways for now.
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Like on the Dow, the S&P traced somewhat of a hammer today. It could indicate the end of the 3 consecutive down days for now. Since we broke out the triangle, I may have to simply revert to tracking this as range rebound and not asa wedge.
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Range trading with two strong uptrends, one mid-day and one end-of-day. Bulls have definitely not given up yet.
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Happy trading!
