This Is What May Tip The Scales Today
As we all know by now the markets are short-term
oversold. Naturally, as Dave Landry points out, oversold can become
more oversold. Nonetheless, any decent break to the upside may very well feed on
itself, offering up nice gains on the long side.Â
Despite breaking the downward trend channel on the 15-minute S&Ps yesterday
afternoon, the market could not manage much of a move higher, certainly not a
positive, but with the release of Consumer Confidence
(or lack of) at 10:00 AM EST, this may very well tip the scales either way
rather decisively.
As has been the case lately, the morning should provide ample opportunities,
but with the big speech tonight, we may see an even more muted market as the day
wears on. As always, be selective and trade assertively on high-probability
setups. I will have a more in-depth article tomorrow.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 888 | 1029 |
| *875-77* | 1020 |
| 868 | *1011* |
| 855 | 998 |
| 838-42 | 992 |
| 827 | *981-83* |
| 817 | 976 |
| Â | 962 |
| Â | 949 |
As always, feel free to send me your comments and
questions.