Although volume continues to fall ahead of today’s Fed pronouncement, the buyers ruled and we had another uptrending day in the cash S&P500 market. If the volume/price movement relationship is telling us anything it is that there is reason to be concerned for the immediate uptrend following the Fed announcement. That all said, the fact remains that the upward moving price pulse from last Tuesday’s price fractal low of 1460.66 continues.
There are no other changes to speak of this morning. From a technical perspective the market continues to show strength and so the next market dip should be contained within the developing uptrend from 11/26. Of the two price scenarios discussed Friday we still can’t rule out either, but if option (C) is to occur then the market should be declining by tomorrow.
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