Friday, April 19, 2013

Friday Update...

Yesterday, after the close, I wrote that I expected a large down open today. However, it looks as though I was a day early. I still feel that is the most likely outcome and that it will occur on Monday the 22nd. When I posted my last chart yesterday I had yet to check all of the data. The reason for the delayed move lower is because of the oversold nature of the Nasdaq Trin/Tick. The chart below shows what I'm referring to.
This explains the 1 day delay. All the market is doing is resetting before the next leg down. I suspect the trading day will be fairly quiet going into the close. Resistance has held and I expect it to continue to hold into the weekend. Monday, the fireworks should start.

60 min. chart
5 min. chart

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