Prices rallied overnight and into the early morning, right up until the consumer sentiment reports came out at 9 AM CST, when they suddenly turned lower and more mixed. The rally left a large overhead gap on the chart, so prices may attempt to turn lower and fill that gap. If so, that target is […]
The market remains very oversold, but so far, it only looks as if we are seeing more consolidation, which means possible acceptance of prices at this level. We need to see some rejection and a rally off of these lows before we get too excited about the sell off being over just yet. It’s possible
It appeared as if prices were finally going to rally a bit this morning, only to turn lower again after the CPI news came out at 7:30 AM CST. That news sent prices higher momentarily, but they quickly reversed and took it all back and then some. Right now, prices appear to be consolidating and
Prices appear to be in both a range and a larger down channel at the same time for now. One of these patterns will win out at some point, so it is hard to know how the day will play out just yet. Things are still very volatile, so expect mixed trading at any point
Prices continue to trend lower this morning. There are no major news items today, so nothing to create any sudden surprises. That does not mean that the market will not still surprise us today, but there simply will not be any news items that will suddenly create a big spike or reversal. For now, the
Today looks to be mixed with a bearish tone so far. The unemployment news this morning set off some temporary fireworks, but prices took it all back plus some in only minutes. Remember, big news spikes rarely hold. Prices almost always take them back before the day is over, and usually rather quickly. That’s not
Today is more of the same. Early selling that finds a bottom and then rallies. Prices continue to be extremely oversold. It is time for a rally, but prices struggle to hold any rally for very long. That is a sign that people are liquidating stocks on the rallies. We have had a very bullish
Prices are mixed and choppy so far, but there still seems to be more of a bias to the downside than to the up. I would call this a range for now, but that could change as the day progresses. The early unemployment news had little effect on volatility, and the PMI news appeared to
Prices sold off hard again this morning, easily pushing through previous support. There is a mild correction going on as I am typing this up, but that could be nothing more than a correction that will turn back down soon. I’m calling the bias down for now, but if this correction turns into a rally,
Prices traded lower early on but have reversed now and are trending higher. We have seen this happen a lot recently. The question will be this: Can the rally stick or will prices turn lower yet again at some point. For now, the trend and bias are up, but we could still see mixed trading