Sunday, September 14, 2014

Sept 14 - Sunday thoughts - Good and bad

By and large, most indexes still look like they are consolidating within uptrend.  DIA of all them looks the most stable consolidation.  QQQ (kind of funky looking) and SPY decent.  NYA and IWM maybe not so great but on a long term scale, NYA is within its multi-month consolidation zone.

Bad news is, we are right smack dab at the bottom trendline, have tapped the bottom trendlines a few times already, and perhaps the market will play 'let's wait and see' until the Fed announcement, potentially dribbling down like it has until Weds.

Short term, it does look we are due for at least a .5-.75% bounce in next day or two.  If we slip under current support, all bets are off, including my current longs.

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