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.