Monday, August 17, 2009

Early Overnight Review 08/17/09

When we have a night like last night, I always wonder if that late day uptrend was day trading liquidation, or was it actual buying in the equity market. If traders were buying and held the long positions over the weekend, they are feeling a lot of pain.
The late Friday correction was a little larger than a normal Fibonacci correction, and the third continuation wave is a little longer than needed for market symmetry. The market is now below that 990 support price, which is now resistance. The September market weakness may be coming a little early.

No comments:

Post a Comment