Too bad, the Double Bottom neckline was broken, if it held, calling an uptrend would be much easier because you have a bullish pattern to rely on. Now it becomes a little bit complicated because theoretically the trend is still up until the first set of lower high and lower low are recorded, but by the time when you see lower high and lower low, it’d be too late. Well, guess this is the reality we have to live with. So officially, the trend is still up, but be cautious to take long here. By the way, if you have read my last night’s report, you’d know this is a perfect example why better long when SPY ST Model’s secondary signal says long. Right now lacking of such kind of secondary signal should keep you from the long side.
For 2 reasons I expect a green day tomorrow:
30 out of 44 times (68%) a green day after a Major Distribution Day (NYSE Down Volume to NYSE Up Volume >= 9).
Tomorrow is FOMC day which was generally bullish.
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