Wednesday, September 14, 2011

Test of the Trend Average Expected

The market managed to reach the TA and shoot right through it and it has the potential to turn the trend confirmed bullish by testing it successfully and closing above. So tomorrow I expect the market to test the TA again and perhaps find support around the 1160's area and then set itself up to recapture the TA in a strong bullish wave. If for some reason the market fails to hold support, such as in the case of a very bad jobs report, then we go back down to 1140's and the battle of the bulls and bears will continue. The main issue is that there is lack of clarity in Europe and it will keep everyone guessing for as long as there is lack of concrete steps to solve their problems.

I am all cash and waiting to get back in long.

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