Blog Archive

Monday, October 17, 2011


Corrections are generally confusing and here we are.

We are in a correction and at the top of this fork.
The current status of the Candlesticks is short. Yesterday presented a Bullish White Opening Marubozu and is still waiting for a close above 1224.58 for Bullish confirmation tomorrow.  But today's Bearish Opening Marubozu is very close to being an Engulfing Candlestick, and clearly not looking good for the Bulls.  Tomorrow will be interesting.


1197 remains the key support area.
A rebound to 1230 or above is likely.

The 100 DMA offered resistance near 1230 but the rebound will have to break through the 1242 area before the Bulls can claim any real victory.

The Bears will have to deal with support at 1180 if they manage to push through.

No comments:

Post a Comment

Today's Feature