The market continued its volatility today and it closed under the 50 day ma, which in itself is bearish. However, the market continues to oscillate within a W4 correction territory so I will continue to assume there will continuation to the rally that started a few weeks ago. The fundamental picture is clouded with doubt over the debt ceiling, European debt, etc. And as soon as there is a positive (as positive as it can get obviously), it will serve as an excuse for a substantial rally. For now, the market is under the TA and the short term is bearish. I had a trigger error today and got stuck with my margin position (I put in 1117 as the stop instead of 1317..) so I am hoping for a bullish wave tomorrow or Monday. Also, is worth mentioning that 1298 is the line in the sand for this W4.
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