Big bounce on Friday. Expected a bounce between Friday and Monday but everything together on one day was a little too much. I am not sure yet if the bounce is done. If it is done, then we are likely to head back downward. I expect we trend lower this week ofcourse with bounces in between. I am thinking we may have a trade-able bottom in around 10 days. Maybe end of this week - to the next Tuesday/Wednesday. Just an idea I have based on some cycles and seasonality I follow.
Lets take a look at internals.
The bounce on Friday turned up the MCO but its still a long way to go to the zero line. The NYSI is below the zero line decisively and this will put pressure on the market. Friday looked like stop running to me and a lot of shorts might have covered. I would be watching this weeks market with a lot of interest. Technicals are decisively bearish. How long will the market try to hold it together? I will also be on the lookout for a bottom after Friday Oct 3rd.
Best,
PM
Lets take a look at internals.
The bounce on Friday turned up the MCO but its still a long way to go to the zero line. The NYSI is below the zero line decisively and this will put pressure on the market. Friday looked like stop running to me and a lot of shorts might have covered. I would be watching this weeks market with a lot of interest. Technicals are decisively bearish. How long will the market try to hold it together? I will also be on the lookout for a bottom after Friday Oct 3rd.
Best,
PM
No comments:
Post a Comment