Summary:
No idea about tomorrow.
| Trend | Momentum | Comments - Sample for using the trend table. | |
| Long-term | Down | Idea for trading intermediate-term under primary down trend. | |
| Intermediate | Down | Neutral | |
| Short-term | Down | Neutral |
Tomorrow is the Fed Day, so no idea what will happen. Although in the after bell Quick Summary I mentioned that this kind of “after a big bar” Doji more likely means a continuation, but from the NYSE Intraday Cumulative TICK(Courtesy of www.sentimentrader.com), it’s very likely a good rebound is due soon or later. So maybe bulls should not be too worried if we have another down day tomorrow. If the current oversold tension couldn’t be relieved first, I also don’t think that bears could punch through the SPX 878 with the very first try.
Nothing else to say, let’s watch how the market unfolds tomorrow. 2 additional charts to watch:
3.0.3 20 Year Treasury Bond Fund iShares (TLT Daily), a possible Head and Shoulders Bottom in the forming, if break through then it’s not good for the overall market because it means a flight to safety.
3.1.0 PowerShares DB US Dollar Index Bullish Fund (UUP Daily), could be a Bearish Abandon Baby therefore US$ could fall further and this is good for the overall market.
