The short term trend is close to ending. You can see from the above chart that it did little damage to the downtrend. Could it go higher? Of course it could. But the probability is stronger that it will not go much higher and will resume the downtrend. And everything about the market is probability. Wall Street resembles a casino and don't let anyone tell you different. Know the rules of the game. Or your money will be taken away from you. Remember, in a bear market, the market moves down in five waves and corrects in three waves. Right now the S&P market is trading between 1097 and 1080.
When it drops below 1080, you will know that the downtrend has resumed. Be in cash or short the market.
No comments:
Post a Comment