Friday, November 11, 2011

200 Day MA to be tested Monday?

So the market decided today to go for the 200 Day MA as I mentioned yesterday and it almost got there. However, looking at how the wave looks it seems like it might do so Monday (there's a bull flag in place) before reversing. The 200 MA is currently at 1272 and closes over this level would indicate a real market turn around (as in the beginning of a true bullish trend). However, I lean bearish and I don't think the market will be able to overcome this level without first making a lower low so we'll see what the answer is next week. The TA is at 1249 so the close today has the potential to whipsaw the bearish signal from yesterday. I am in cash and waiting for something I can trade with comfort.

Happy Veterans day and have a good weekend!

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