Friday, September 27, 2013

Short Trend is confirmed bearish

The market gapped down a bit today but didn't do much the rest of the day but this bearish move managed to turn the short term trend bearish, so time to be careful with longs. At the same time, there seems to be a falling wedge like pattern favoring the bullish side. Despite the market being down for 6 of the last 7 days, it's been only a 2% bearish advance so far. But I guess it will all come down to how the house will vote on the health care bill, Obama believes Republicans are bluffing.. we'll find out soon.

I btw did not sell my Google longs, I want to see how the market reacts to the 50 dma first. Have a great weekend!

Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors. 

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