September 8, 2011
Uncategorized
By Geoff Bysshe
The TLT's and GLD have interesting island tops in place. It they continue lower tomorrow it could indicate a top in so much as the risk on trade is back on pushing stocks higher.
The market watch is getting back up to the resistance of the swing highs of last week and the August 17th swing highs so we should expect some resistance slightly higher. The pivots are positive, they are above the 3-day pivot high and above a now positively stacked and sloped 10 and 20-Day moving average. Bases on this it seems the market is building short term momentum to the upside.
After the straight up action since yesterday's gap lower open I'd expect the market to chop or move higher so we'll look for OR reversals and quick 5-min. breakouts.
I do not, however, want to go into the day with any strong bias so right now that's all I need to know.