Sideways Negative Day...
So, why do I say this is a sideways day yet again even though the market was clearly lower? Well, it was a lower day but it was a small negative day compared with recent movements and still largely within the sideways channel and lowering pennant formation so far. In fact, this is such a weak "negative" day, I am hesitant to call it a negative day at all. Volume continued to wane, bond yields barely moved as investors did not take a decisive exit from equities and total equities put call ratio actually dropped into the uncertain zone from a bearish stance. All of these are not the kind of supportive evidence we need for a truly bearish day.
It is understandable why investors prefer to be uncertain this week as this is the week where we are getting both the FOMC announcement and the Quadruple Witching on Friday, so the week ahead could be rather volatile, making it hard to make a decisive stand today.
Days like this means we have to look at the overall market pattern for guidance and the guidance is still clear... the market continues to be more bearish than bullish inclined, especially with the lowering pennant formation nearing completion. My Master's Stock Options Picks subscribers and I continue to be prepositioned for what is to come... so, what is to come? Join my Master's Stock Options Picks program today!
Market Crash Timer: ORANGE
For now, the market remains in short term neutral trend within an intermediate bear trend and primary neutral trend.
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