Failure to finish strong after rebounding from an initial decline post minutes release is not foreshadowing good things for this market. Volume ended the day mixed with the NYSE day over day volume fell on the day while the NASDAQ picked up by 10%. Price action has not been too bullish as of late and even yesterday’s move was not overwhelmingly bullish. Volume was pathetic yesterday and now with today’s move we’ll need this market to reverse with strong conviction. Stick with your exit rules and let this market moves along here.
Tonight’s commentary will be short due to personal schedules. However, today was another important day in the market. This kind of reversal usually means we’ll see more lows. However, it does not guarantee anything. We could very well strike a new low and rip higher. Stick to a solid set of trend following rules and you’ll be just fine.
Keep to your rules. Stay focused.
