Tuesday, September 29, 2009

One Slightly Bullish Aspect; September 29, 2009



One slightly bullish development to be considered from today's action that should be considered with my bearish blog post below. The Dow and S&P and Nasdaqs did make a very slight bullish non-confirmation today. Late in the trading day the Dow made a new daily low by 1 point while the S&P and Nasdaqs weren't really even close to making new daily lows. Even though it's one point, it's still to be considered. The overwhelming evidence is still bearish, so I expect this non-confirmation to be erased early tomorrow with an S&P and Nasdaqs decline beneath today's lows.

Tomorrow is an important employment number that I expect to move the market lower and break this bullish non-confirmation I'm speaking of. The heavy selling into the close today suggests little confidence in a good employment number tomorrow. Early tomorrow morning should bring selling pressure.

2 comments:

Gustavo said...

Hello Todd:
My "analysis" show the next.
AUD/USD cannot go over 0.8885; if make this the infinite is the limit :-).Now trading in 0.8823!!!
USD/CHF another time under 1.03 is not good.
There are rumors of intervention in the EUR/CHF if this pair trade under 1.5 and we are near of it. I cannot see relation between one top of the market and the eur/chf, for this question I see only the dollar index.
Really we need patience and patience, but in my case I need not to have one margin call too.
I feel exhausted, and want to see soon the top.:-)

Todd S said...

Exhaustion is usually when the market forms a top. It's looking good right now. Stay tuned.

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