INDEX UPDATE
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Just check the short-term technicals on the major overseas markets. JAPAN is in the lower mid-range and still has some more downside. BRITAIN, FRANCE,GERMANY,HONG KONG are all in the OVERBOUGHT REGION, and should start to reverse downwards soon, within days and as early as tonight.
I am still holding my postion, and that as long as 8084 holds on the upside, the top of this short-term cycle was set on OCT 12.
Yesterday, while calculating my technicals(long hand) intraday, I was going NUTS. UP & DOWN & UP & DOWN & UP & DOWN. Im not talking just about price swings, since thats normal, but Im talking about the numerous mini-direction swings that my MOMO was identifying. I can only conclude that such has something to do with expiration week, which has occured in previous expiration weeks. I mention that to say that anything can happen.
Per my short-term technicals, the overall market is in the OVERBOUGHT REGION, so the upside should be limited. I do believe that for the short-term 8084(8134) will hold, if it gets that high today or tomorrow. Next week should be down, and it could start as early as today(but its expiration week).
Since the runup, the BULLISH sentiment has increase, which is normal - and the BEARs will come out when the market moves down. SO MUCH NOISE. Im just watching the technicals carefully, and looking for the smallest signs to help me determine direction. Again, I am not looking for the BIG KAHUNA - I will let others do that.
From my cycle analysis, we should see the bottom of the forthcoming downswing around OCT 20-22. How low will it get - I DONT KNOW!!! Just will be watching for support lines to hold or break.
Seeya |
