Yesterday the market changed its uptrend behavior: after the lunch it traded to new lows for the day and mostly stayed there. Also, the correction is already 17 points, greater than the usual 15 points. I think this, in the context of previously presented behavior of other indicators, suggests the IT advance is mostly over.
However, judging by the put/call ratio, the market participants are quite bearish in the short term:
With the Fed meeting next week, I think the market will start going up in the following days. My bias for ST trading will be bullish with caution, since I expect the advance to be shaky.
For a buy point, I like a break of 1274 today or even lower, depending on where the market opens.
The first support in the way on the SPX hourly chart is around 1277:
No comments:
Post a Comment