INDEX UPDATE
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The futures are right now up significantly, with the major international market up, and Asia up strongly. So such implies a a positive open.
Yesterday was the BUY-IN for my CLASS 2 BUY SIGNAL, and the NAZ rebounded nicely but the rebound in the DOW,SPX,OEX was weak. The DOW did start a rebound since it was off its lows. Statistically, a weak/mediocre rebound off of CLASS signals implies weakness of that the direction. If the continuation today is mild/weak, such would help confirm futher weakness.
I am still in the belief that we may be in the process of forming a STAIRSTEP, in the 9550-9800 range, similar to that of last JULY when the DOW formed a stairstep at 9000 after peaking at 9300. A break of 9800 to the upside would negat the stairstep.
Since the NAZ has started its rebound nicely, the key to watch is if the NAZ follows thru today.
Also, we need to watch the market internals especially the
NEW HIGHs/LOWs to see how much/if they improve. Also, if the market is up but on weak volume, that would not be that positive.
seeya |
