Sunday, September 20, 2015

Sept 20 - Retest of lows?

Thurs a big FOMC reversal and Friday solid selling follow through.  Next week's seasonally strongly bearish headwinds will provide more of a push for the market to fall further.  Not to talk my own book, but looks like a strong case of a retest of lows within the next 2 weeks.  If that does happen, it will set up a great long opportunity but for now going to wait and see what happens.

 $PMOBUYALL indicator pointing to a top that has triggered before.
 Stochs and CCI sounding sell signal on daily.  Volume was impressive but much of it due to OPEX.
 At a potential buy signal in SPY for the hourly frame but leaning towards it failing bc of FOMC's failure


some0ne said...

So you think if we break through Aug 24th lows we see lower. If test we could be at intermediate bottom? Thanks

Greenlander said...

Not sure. It wouldn't take much to overshoot and go lower though. I am looking for an intermediate bottom but really depends on the price action. If we get a lot of positive divergences, I will be looking for long positions for a multi week period.