Perhaps I spoke to soon. Yesterday I was convinced that the bull were an extinct species. Based on the anemic volume on up days, I thought the market was headed lower. Now, I'm not giving up on that opinion, but you need to be aware of what's going on right now.
This is a turning point for the market. I would like to see a
follow through day where the market has an up move of 1% or greater, and volume will need to be above the 30 day SMA.
The follow through day will need to be in the next day or two. If this doesn't happen then I will be at a loss as to where the market is headed.
Today's move was predicated on the
inaction of the Fed . It will be interesting to see what the market has in store for us. I am still bearish, but opinion doesn't really matter if we get more days like today.
IBD may call it a confirmed rally, but I'm still out for shorts. I'll be trading retracements when possible and posting the setups on this blog.
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