09/25/08 Market Review

Key points:

1. The previous day was a consolidation day with evidence that selling pressure was losing momentum.
2. The previous day was a very narrow range day.
3. The market was at a 62% correction on the longer frame charts (60 min chart).
4. Congressional leaders were near an aggreement on the bailout plan.
5. The $TICK on all charts was in a short term uptrend.
6. The ES futures was making higher highs and lows all night.
7. Markets worldwide were advancing.

This is as good as it gets for a signal for a nice uptrending day.

Charles