All indexes took new lows and closes Wednesday. FTSE and SWED lead the indexes. SP500 and DOW which both closed below 34 day rising MA is currently trying the upside with small movements. This situation has been seen three times earlier in current uptrend and after three days below the 34 MA a new trend on upside has started. The question is if this will happen again. There are things that says this time is different because it seems like the falling trend now has made 5 waves on downside instead of earlier three waves. But the counting of waves can be discussed so I leave that question open. I cannot tell if the US indexes will stay in current area or not today for the usual breather it must be followed. US analysts says that there is plenty of money that want to get in to the 4 percent lower prices because they think this is just a correction. Tomorrows job report will be crucial if a big rally will start or not. The figures are released at 14:30. There is lots of money to be made by the robots on a rally with plenty of short positions which must be bought back and gives extra power to an uptrend. I just have to wait and try to find signs today and tomorrow before the news what is likely to happen.
No comments:
Post a Comment