Today’s bearishness was purely reactionary. Market orders after Bernanke spoke this afternoon sent the market lower, closing off roughly 14 S/P points. We didn’t even break yesterday’s lows. Yesterday the bulls took control in full force and today I feel it was simply some of the bulls jumping ship, rather than the bears taking over. If we break below Tuesday’s close then I can see us retesting lows and more than likely breaking yearly lows. Looking at the chart below, we could just as easily gap up tomorrow morning, sell off to today’s close (filling the gap) and rallying to new swing highs.
No comments:
Post a Comment