The purpose of this blog is to provide a unique insight into trends that guide market prices. It is intended to educate and show you characteristics about the stock market, of which, the so called "professionals" have no clue. Traditional technical analysis is almost completely worthless and that is one of the main reasons for the creation of this blog. If you enjoy market analysis and information that you will find nowhere else, this blog is for you!
Wednesday, October 9, 2013
What to expect next
On a ST basis the market is still very oversold. However, price action today told us a lot about what to expect in the next 48-72 hrs. There should be little to no upside achieved. I believe tomorrow will likely alleviate the oversold nature of the market by opening lower but closing at or near the highs of the day. The /ES chart below shows the general idea of how I expect price to play out over the coming trading days. Break down in price from both the DIA and SPY was confirmed today.