Patrick,
What you say makes sense. I prefer not to talk fundamentals since I am not that knowledgable in that area, and unfortunately, my technical analysis at this point is only limited to the mid-term (up to 30 days), beyond that the accuracy dimishes alot.
As I indicated previously, I have received signals that we can go down further, although I have also received signals saying the opposite; however such signals are only for the mid-term.
The immediate signal that I will be looking for is whether the market is able to go above the previous peaks such as:
DOW = 7819
SPX = 954
NAZ = 1553
If all 3 are unable to pierce such resistance, such will strengthen the probability that we will be heading lower, and lower very soon after. If such does happen, I will change my trading range to the low of 7300-7400 for the DOW immediately.
Basicly, I will be looking for lower lows and lower highs amongst the 30 indexes I follows, as the main key as to whether we will be going lower.
As for now, I will stay with my position that we will move up very soon and that thereafter we will be range trading, which is a bearish position.
Seeya |
