Wednesday, March 27, 2013

Wednesday's Market 03/27/2013


The more things change, the more they remain the same. After starting the trading session to the downside as anticipated, the market quickly turned around. By the end of the session, the market had pushed slightly into positive territory, and finished within a point of yesterday’s close.

 
The market opened to the downside, falling below 1552 to 1551.90, which proved to be the low of the day. The next several hours saw the market gain back nearly ten points, rising to 1561.19. After a pullback to just below 1558, the market rallied the rest of the day; edging out yesterday’s high before pulling back into the close.
The market completed a 5 Wave sequence from the low of the day to the high, indicating the market may move lower at the outset tomorrow morning. However, the market is just as likely to rise off that low as it did today.
While my bias is still for this market to move lower, I am still looking at a break above 1565.50 as an indication that the market will move higher. A drop below 1545.90 will confirm a breakout to the downside.
Thank you for your interest and support.
 
 
 
 
 

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