Sideways Day Ahead of Fed...
The day before every FOMC announcement is usually a sideways day. The Dow made a sideways day down marginally by 16 points today. This is also a common occurrence following every large single day moves like the big breakdown we got yesterday.
The short term odds remain bearish as investors may be hesitant to react to anything good from the Fed tomorrow due to this technical retreat and may be more than willing to sell down this retreat even further. That's what technical analysis is really measuring, sentiments. It measures how investors are behaving despite what was being said on the news. Yes, we call that many differents names in technical analysis; Momentum, Support / Resistance etc etc but all these names mean only one thing, and that is what investors are feeling and doing at those prices. Yes, sentiments!
For now, the Dow remains in Short Term Bear Trend, Intermediate Bull Trend in a Primary Bear Trend.
The short term odds remain bearish as investors may be hesitant to react to anything good from the Fed tomorrow due to this technical retreat and may be more than willing to sell down this retreat even further. That's what technical analysis is really measuring, sentiments. It measures how investors are behaving despite what was being said on the news. Yes, we call that many differents names in technical analysis; Momentum, Support / Resistance etc etc but all these names mean only one thing, and that is what investors are feeling and doing at those prices. Yes, sentiments!
For now, the Dow remains in Short Term Bear Trend, Intermediate Bull Trend in a Primary Bear Trend.
posted by Jason Ng at 6:26 PM
0 Comments:
Post a Comment
<< Home