wow, nice red high volume day followup to that "tombstone" or "shooting star".
the dollar being high in premarket has the futures jacked.
i think trade ballance data (8:30) is going to be good because cheap dollar favors exports.
consumer sentiment is out today (10am) and I was predicting there would be a bottom in consumer sentiment sometime between back to school and before holiday shopping. this is the one I think it will be lowest.
who knows what the chicago fed president will say, all he has to say is the economy is good and the market will interpret it as posturing to raise rates, sending the dollar up and the markets down.
if I had the stones I would buy an inverse etf at the open or in premarket. (if the futures stay jacked up due to export data)
I think today will be a gap/spike up and fade by 10-10:30.
If the neckline is tested soon it sets up a nice fakeout H&S and bounce to new highs for Santa/January, or a bigger fall, but I think as long as there are these repeated 5% corrections this market could climb like the last 3/4 of 2003
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